The US Trade Representative's (USTR) announcement is less severe than a plan floated in February to hit Chinese vessels with charges of up to $1.5m (£1.1m) for each American port they visit. It said the fees would start to be charged in 180 days time and would rise in the coming years.

As financial markets try to move past tariff fears, attention turns to what China will do to buffer its economy and how corporate America and business activity globally is holding up.