Chinese media have mocked US President Donald Trump over plans to impose 25% tariffs on $50bn worth of Chinese goods, saying “wise men build bridges but fools build walls”.

Mr Trump announced the tariffs on Friday, accusing Beijing of intellectual copyright theft.

China retaliated, saying it would impose an additional 25% tariff on 659 US goods worth $50bn.

Stock markets fell after the announcements amid fear of a trade war.

The US had earlier warned that it will impose even more tariffs should China retaliate.

Mr Trump said the tariffs were “essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs.”

The Chinese product lines that have been hit range from aircraft tyres to turbines and commercial dishwashers.