Beijing accuses US of blackmail and adding a ‘mistake on top of a mistake’ as Wednesday deadline for latest levies looms

• Tariff market reaction –live updates

China’s government says it will “fight to the end” if the US continues to escalate the trade war, after Donald Trump threatened huge additional tariffs in response to China’s retaliatory measures.

On Tuesday, China’s commerce ministry accused the US of “blackmail” and said the US president’s threats of additional 50% tariffs if Beijing did not reverse its own 34% reciprocal tariff were a “mistake on top of a mistake”.

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Stock markets down in UK and across Europe after steep declines in Asia as Donald Trump presses ahead with huge 104% tariffs on China

• Full report: Trump unleashes new wave of tariffs
• Dispatch: The view from Yiwu, China’s biggest wholesale market

Today’s tariffs follow Trump’s 10% tariff on all imports from many countries, including Australia, which came into effect at the weekend.

US customs agents began collecting the unilateral tariff at US seaports, airports and customs warehouses on Saturday. Today’s measures are higher levies on goods from 57 larger trading partners.

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Rolling coverage of the latest economic and financial news

UK grocery inflation has edged up this month, as consumers are hit by rising food prices.

Data provider Kantar has reported that supermarket prices rose by 3.8% per year in the four weeks to April 20, up from 3.5% a month earlier.

“Chocolate confectionery prices rose by 17.4% this period, the fastest of any category, but that didn’t stop the British public treating themselves this Easter. The volume of chocolate eggs sold through supermarket tills still grew by 0.4% on last year, while at the dinner table lamb was the most popular fresh meat joint, followed by beef and pork.

Some households chose to indulge in less seasonal fare as the sun came out and they dusted off the barbecue, with burger sales shooting up by 31% over the last month.”

The way in which regulations are being applied to bioethanol is undermining the commercial viability of our business. We are having constructive discussions with the UK Government to explore regulatory options to improve the position. There is no guarantee that these discussions will be successful, and we will either mothball or close the Vivergo plant if necessary.

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The president aims to boost US manufacturing, but insiders warn tariffs will increase costs and destroy businesses

Across the US, many executives leading apparel and textiles businesses are scratching their heads.

Tariffs of 145% on goods from China, and tariffs of 10% on goods from much of the rest of the world, have been billed by the White House as a once-in-a-generation efffort to boost domestic manufacturing.

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