Gold rose to a new all-time high after US President Donald Trump’s 10% tariffs on China prompted swift retaliation from Beijing, buoying haven demand.

Beijing has made its decision. After days of warning of counter measures and urging Washington to enter negotiations and "meet China halfway", it has decided to hit back – or at least threaten to retaliate with its own tariffs.

Trump's tariffs on Canada, Mexico and China suggest he is willing to risk a global trade war. The main thing that could stop him would be a stock market selloff.