In a mounting trade dispute, the US and China have imposed tariffs on each other’s goods, signalling a potential escalation in tensions as neither side appears willing to compromise.

Donald Trump has threatened to impose an additional 50% tariff on Chinese imports, triggering investor uncertainty and sparking concerns of a potential global downturn.

Labour has pledged to back vital domestic businesses affected by escalating tariffs, promising a fiscal and strategic framework that safeguards jobs, bolsters growth, and counters the adverse trading environment.

Donald Trump’s new tariffs triggered global financial upheaval, erasing trillions from stock markets worldwide amid widespread condemnation from leaders who warned of serious risks to economic stability.