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Stock markets down in UK and across Europe after steep declines in Asia, while turmoil spreads to bond market

• China announces 84% tariffs on all US goods in response to Trump’s 104%
• Bank of England warns Trump tariffs threaten global growth and raise risk of ‘severe shocks’

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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Stock markets fall further in UK, Germany, France and Spain as trade war escalates, after China says it will not ‘sit idly by’

• Business live – latest updates

China has announced new tariffs of 84% on imports of all US goods, in a move that sent stock markets falling further and will raise fears of further escalation of Donald Trump’s trade war.

The Chinese ministry of finance said on Wednesday that it would impose 84% tariffs on US goods from Thursday, up from the 34% previously announced.

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