Japan’s economy risks taking another hit if US President Donald Trump slaps fresh tariffs on China, sparking a renewed US-China trade war, according the government’s chief economist.

Howard Lutnick, the financier President Trump has picked to lead the Commerce Department, said he favored “across-the-board” tariffs and was grilled about his financial ties in a nomination hearing Wednesday.

President Donald Trump’s renewed pledges to slap 25% tariffs on imports from Canada and Mexico on Feb. 1 jolted foreign exchange markets late in the New York trading session, sending currencies from both countries plunging against the US dollar.

President Donald Trump on Tuesday warned that even more tariffs could be coming as soon as next week: This time China was his target, as Trump threatened to unleash a wave of higher taxes on imports from America’s second-biggest trading partner.

With less than 24 hours before President Donald Trump's deadline to impose sweeping tariffs on the three biggest US trading partners -- Canada, Mexico and China -- the global economy is bracing for impact.

Japan’s economy risks taking another hit if US President Donald Trump slaps fresh tariffs on China, sparking a renewed US-China trade war, according the government’s chief economist.

China is President Donald Trump's prime target for a trade war — again. But China already put its boxing gloves on. In his first term, Trump slapped high tariffs on a range of Chinese goods. This time,

Donald Trump has wasted no time in making sweeping changes to US economic policy. On his first day back in the White House, on January 20, he announced a series of executive orders and threats to impose tariffs on key trading partners by February 1.