08 August 2018 ( Lagos ): Fears of a full-blown trade war between the world’s two biggest economies are set to intensify after the Trump administration announced another round of tariffs on Chinese products on  Tuesday.

In a move that is likely to cause the further deterioration of US - China trade relations, the United States will begin imposing 25% tariffs on $16 billion of Chinese imports starting from 23 August. With Beijing expected to fight back by targeting $16 billion worth of US goods with equal tariffs, the US - China trade saga could get even messier.

Asian stocks closed mixed on Wednesday as investors focused on positive US earnings and expectations that China will stimulate its economy amid the deepening trade tensions. In Europe, shares have already edged lower this morning and could remain pressured as US - China trade tensions encourage market players to adopt a guarded approach to riskier assets.

Source: Lukman Otunuga, Research Analyst at FXTM,

Reporting for EasyKobo on Wednesday ,08 August 2018 in Lagos, Nigeria