Reflecting this uncertainty, UK retail footfall fell by 5% in March, a decline attributed to rising inflation and the impact of Trump's tariff policies on consumer confidence.

Amid these tensions, Trump has suggested a willingness to negotiate with China, expressing optimism about reaching a mutually beneficial agreement.

In response to these tensions, China has imposed 84% tariffs on US imports, signaling its readiness to retaliate against US threats while expressing a desire to avoid a prolonged trade conflict.

Donald Trump has acknowledged a 'transition cost' associated with his tariffs as global markets reacted negatively to ongoing trade tensions, particularly with China.

As part of its countermeasures, China has also announced restrictions on Hollywood film imports, citing the adverse effects of US tariffs on American cinema.

Former US Treasury Secretary Janet Yellen has criticized these tariffs, describing them as a severe self-inflicted wound on the US economy, akin to a wrecking ball.

Investor concerns over the trade war's economic impact were evident as Australia's S&P/ASX 200 index opened down 0.5%, following a sell-off on Wall Street.

Despite a brief recovery in US stocks after Trump's earlier tariff adjustments, the Dow fell by 2.5%, and the Nasdaq dropped over 4%, highlighting ongoing market volatility.

The British Retail Consortium has warned that US tariffs could further dampen consumer spending, especially on high-value items, as economic uncertainty looms.

Since taking office, Trump's tariffs on China have surged by 145%, with a notable emphasis on addressing China's alleged involvement in the fentanyl crisis.