Donald Trump’s policy of imposing tariffs on rival nations reignited the first trade war of his new presidency on Tuesday, as China retaliated with its own wave of levies and an investigation into the U.

China, Canada and Mexico have vowed retaliatory measures against the US after President Donald Trump placed sweeping tariffs on goods.

Shares of automakers and megacap tech stocks bore the brunt of a wider equity pullback on Monday after U.S. President Donald Trump ordered sweeping tariffs against Mexico, Canada and China, sparking fears of a global trade war that could hit growth.