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The Chinese government has not announced retaliatory measures but Beijing is reportedly considering banning Hollywood films and suspending fentanyl cooperation with the US, according to Chinese blogger Liu Hong, who is a senior editor at state-run Xinhua news.

It's likely that you have not heard of Taiwan's Hong Fu Industrial Group, but look down on a busy street and you may well see its products.

Hong Fu is currently building a giant plant in Panapakkam, in the state of Tamil Nadu in south eastern India.

European markets closed lower after Asian share indexes nosedived, with Hong Kong's Hang Seng index falling by more than 13%, its biggest one-day fall since 1997.

Germany's Dax plummeted 10% in the first few minutes of trading, before recovering ground, after Asian markets dropped steeply overnight, with Hong Kong's Hang Seng experiencing its fourth-biggest one-day decline ever.