Over in the UK, the Government could potentially nationalise British Steel as fears grow that the company's blast furnaces in Scunthorpe could run out of raw materials within days.

Chancellor Rachel Reeves has sought to reassure workers at the Lincolnshire plant that the Government is looking towards nationalisation as a potential solution. 

UK correspondent Gavin Grey says the UK is set to be hit hard amid the ongoing trade war - which could ripple out to many businesses.

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