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The US-China trade war, sparked by US president Donald Trump's tariffs, looks like it is just beginning, with global markets set to be on a roller coaster for weeks; China has now retaliated further.

Global stock markets are tumbling as US president Donald Trump unveils sweeping global tariffs, with many Asian economies hit hard; many fear the move could spark a global trade war as China's retaliation to hit US chip imports, and US recession fears climb.

US president Donald Trump's sweeping tariffs, from April 9, are set to hit China, India, Taiwan, South Korea and many other countries hard; China has responded in kind sparking a global trade war threat.

China has hit the US with retaliatory tariffs on a series on products including soybeans, chicken, beef and pork, of up to 15%, after the US decided to impose further 10% tariffs on Chinese imports as of March 4.

Scott Bessent, the treasury secretary, and Howard Lutnick, the secretary of commerce, will submit a proposal to president Trump within 90 days.

Market turmoil likely to continue after BOJ’s hike, the US Fed’s decision to hold rates, and mixed data about the health of the world’s largest economy.

Analysts see limited initial market impact, but there is concern over the precedent, which other countries might follow in the future, negatively impacting equity risk premiums.

Washington’s policies to curb US investment in China has impacted assets under management in several large funds, and a shift in flows could take years, despite the upcoming US election.

As 28 countries, including Pakistan, Laos and Sri Lanka, suffer from a debt trap, despite past criticism and amid high US interest rates, Washington is asking China to help mitigate the debt risks.