China now faces tariffs up to 245 per cent on imports to the US due to its retaliatory actions, the White House has said, as the trade war escalated between the world’s two largest economies. Separately in a post on Truth Social, President Donald Trump said on Tuesday that China “just reneged on the big Boeing deal, saying that they will ‘not take possession’ of fully committed to aircraft”.

He appeared to be confirming reports that China has asked its airlines not to take deliveries of planes from American aircraft manufacturer Boeing. In the post, he also vowed to protect the US and its farmers in a trade war with its adversaries, such as China. In a fact sheet issued on Tuesday (local time), the White House said President Trump signed an executive order launching an investigation into the national security risks posed by US reliance on imported processed critical minerals and their derivative products.