China slaps duties on US goods in trade row

China has raised import duties on a $3 billion (£2.1bn) list of US pork, apples and other products in an escalating dispute with Washington over trade and industrial policy.

The government of President Xi Jinping said it was responding to a US tariff hike on steel and aluminium.

But that is just one facet of sprawling tensions with Washington, Europe and Japan over a state-led economic model they complain hampers market access, protects Chinese companies and subsidises exports in violation of Beijing’s free-trade commitments.

Companies are looking ahead to a bigger fight over US President Donald Trump’s approval of higher duties on up to $50bn dollars (£35.5bn) of Chinese goods in response to complaints that Beijing steals or pressures foreign companies into handing over technology.

Investors are concerned that the global recovery might be set back if other governments raise import barriers.