Trade tensions between the world’s two leading economies are set to escalate today, as Beijing begins levying tariffs on certain US agricultural goods in retaliation for President Donald Trump’s latest hike on Chinese imports.

Since retaking office in January, Trump has unleashed a barrage of tariffs on major US trading partners, including China, Canada and Mexico, citing their failure to stop illegal immigration and flows of deadly fentanyl.

After imposing a blanket 10 percent tariff on all Chinese goods in early February, Trump hiked the rate to 20 percent last week.

Beijing reacted quickly, its finance ministry accusing Washington of undermining the multilateral trading system and announcing fresh measures of its own.

The moves will see fresh tariffs of 10 and 15 percent imposed on several US farm products, starting from today.