US President Donald Trump’s plans to levy tariffs on steel and aluminium imports and the exit of top economic adviser Gary Cohn have heightened fears of a global trade war. If such a conflict breaks out, the fight over metals will seem like a minor skirmish compared with what is planned for China.

The Trump administration is expected to roll out within weeks a series of tariffs, investment restrictions and other actions against China as it concludes an investigation launched last year into Beijing’s intellectual property practices.

Moreover, with trade and China hawks ascendant in the Trump White House and Mr Cohn on his way out, many analysts, Republicans in Congress and business groups are concerned those already aggressive planned moves aimed at Beijing could become even more belligerent.