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He said that six Russian security service vessels and four Navy warships converged on the three Ukrainian ships and opened fire with automatic weapons.

US President Donald Trump said Monday he expected to raise the punitive tariff rates on hundreds of billions in Chinese imports as scheduled next year.

Trump told the WSJ that companies importing goods from China should move plants to the U.S. Apple builds its phones and laptops overseas, though many parts come from its home country.

Apple CEO Tim Cook has personally pressed the issue of tariffs with Mr Trump, telling the President that while there are valid concerns about US-China trade relations, tariffs are not the best way to resolve them.

Sterling was weaker across the board after Trump said on Monday the agreement allowing the United Kingdom to leave the European Union may make trade between Washington and London more hard.

Hugo Erken, senior economist at the bank, said: "An ongoing trade war between the world's two largest economies has much broader ramifications that transcend their own borders ... in a globalised economy, there are no real winners from such policies".

An escalation of the Sino-American trade conflict could lead to a repeat of the great catastrophes of the 20th century, a Chinese envoy has warned, just as Donald Trump once again threatened to slap China with additional tariffs.

"The upcoming meeting between Trump and Xi is pivotal going into the year-end and for the outlook for global growth, which has shown signs of slowing", said Lee Hardman, a currency analyst at MUFG in London.

Cellphones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimise the impact on U.S. consumers.

"As far as other countries are concerned, that's up to them".

The comments ran counter to recent speculation about a possible deal when Trump meets Chinese President Xi Jinping at the G20 summit in Buenos Aires later this week.

"I don't want to go overboard, but he's indicated some optimism". Washington is however open to reaching a deal with Beijing, with White House economic adviser Larry Kudlow saying the US President is expecting this to take place over a dinner on Saturday. Since then, communications have picked up between the two sides, said Kudlow.

'In the manufacturing chain, China occupies the low end and middle section, while the United States is on the middle to high end.

"I count on the United States", Poroshenko told NBC News. What would the United States do?' Xu told a small group of reporters in Beijing on Tuesday, adding that China accounts for at least half of the market for many USA listed companies.