China is subject to significant US tariffs already and has been since Trump's first term. But the blanket nature of today's new levies from the White House on every single goods import from China - from toys, to mobile phones, to clothes - is new and significant.

U.S. President Donald Trump's complaints about China's trade practices have increased the odds that a 25-year-old U.S. law that established free trade with Beijing is repealed, trade experts said, a move that could raise tariffs to 61% on average.