China and the United States have begun imposing additional tariffs on each other’s good.
A new round of tariffs took effect from 0401 GMT, with Beijing’s levy of 5 per cent on US crude marking the first time the fuel has been targeted since the world’s two largest economies started their trade war more than a year ago.
The Trump administration will begin collecting 15pc tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear.
In retaliation, China started to impose additional tariffs on some of the US goods on a $75-billion target list. Beijing did not specify the value of the goods that face higher tariffs from Sunday.
The extra tariffs of 5pc and 10pc were levied on 1,717 items of a total of 5,078 products originating from the United States. Beijing will start collecting additional tariffs on the rest from December 15.
On Monday morning, US stock futures slid 0.7 percent, setting a dour tone for Asian markets. Japan’s Nikkei slid 0.28 percent in early monring trade, while Hong Kong markets were also down after another weekend of violent anti-government protests