Financial markets are bracing for a severe economic shock after US President Donald Trump escalated his trade war to unexpected heights, sending investors fleeing to safety that brokers tip could end up benefiting the Australian sharemarket.
The White House on Thursday imposed a minimum 10 per cent tariff on all exports to the US and slapped additional duties on about 60 nations with the largest trade imbalances. China will face an extra 34 per cent rate, while the European Union will have a 20 per cent levy.
