US President Donald Trump has said he is considering imposing a 10% tariff on imports of Chinese-made goods as soon as 1 February. Trump said discussions with his administration were "based on the fact that they're sending fentanyl to Mexico and Canada".

Markets were cautiously optmistic after Trump took a lighter approach to China on Monday. That sentiment lasted a day.

The Trump administration is discussing a 10% punitive duty on Chinese imports. Trump said the EU also has troubling trade surpluses with the United States.

It follows threats by Trump to levy import taxes of 25% on Mexico and Canada, accusing them of allowing undocumented migrants and drugs into the US.

Gold climbed to its highest intraday level since early November, with traders monitoring the outlook for the global economy as President Donald Trump continued to sketch out his views on trade and immigration policies.

During his presidential campaign, Trump had threatened tariffs of as much as 60% on China. After winning the polls, Trump had announced on his social media platform that they would be charging an additional 10% tariff due to the massive amounts of drugs, in particular Fentanyl, being sent into the United States.

China and Hong Kong stocks fell on Wednesday after U.S. President Donald Trump hinted at new tariffs on Chinese imports, ending a brief reprieve for the markets.

Iron ore and most base metals fell after US President Donald Trump said that he could hit China with 10% tariffs on all imports, suggesting Feb. 1 as the possible start date.

BEIJING – China vowed on Jan 22 to defend its “national interests” against tariff threats from US President Donald Trump, who warned he could impose a 10 per cent duty on imports from the country by the end of next week.