Daily SumUp

Donald Trump has threatened China with an extra 50% tariff on goods imported into the US if it does not withdraw its 34% counter-tariff, as global markets continue to fall.

Beijing retaliated on Sunday, following last week's decision by Trump to slap a 34% tax on Chinese imports as part of his "Liberation Day" that set a minimum 10% levy on nearly all of America's trading partners.

In a social media post on Monday, Trump gave China until Tuesday to scrap its countermeasure or face the 50% tax.

China's commerce ministry labelled the additional levy as "a mistake on top of a mistake" saying it will never accept the "blackmail nature" of the US.