After a slower than expected start, the trade war between the US and China has begun to heat up, with President Donald Trump announcing a dizzying series of actions against China in the past seven days — and more to come over the next month.

Earlier this week, it was reported that Trump’s spending freeze has halted a counter-narcotics program at the U.S.-Mexico border. Meanwhile, Trump is also threatening the entire European Union with a similar 25 percent tariff, further isolating the U.S. from its economic allies.

(Reuters) - European shares fell sharply on Thursday as U.S. President Donald Trump's plan for a 25% tariff on cars and other goods from the European Union and the region's vow to counter "firmly and immediately" fanned fears of an escalating trade war.