What next for the global trade war?
It is not yet clear when, or even if, all of these measures will come into effect. But it is not just the tariffs that are giving global financial markets cause for concern: as the world inches closer to a trade war, there are plenty of other ways tensions could impact the global economy.
For example, China could sell a large chunk of the $1.17 trillion of US treasury bonds it holds. This could cause havoc across international markets, impacting US interest rates, and indeed the health of the US economy.
Chinese President Xi also revealed that he would consider the impact of a gradual yuan depreciation, using the currency to offset any impact on trade. Though nothing has been confirmed, the yuan weakened by 0.2% in onshore trading after the announcement on 9 April.
The EU, Canada and Mexico have made it clear that they will defend their national interests in compliance with international regulations, but the growing tensions have still caused concern about the relationship between the US and its allies going forward.