On Thursday, US President Donald Trump announced new tariffs on Chinese goods coming into the US, sparking fears in financial markets that a global trade war is on the way. The presidential memorandum signed by President Trump could impose tariffs on Chinese goods up to $60bn (€49bn).

Chinese officials in Beijing have urged the US to “pull back from the brink” as tensions escalate between the world’s two largest economies. If the US presses ahead, China is likely to respond with its own tariffs on US goods such as soya beans, pork and Apple iPhones.

The growing threat of a tit-for-tat trade war rattled financial markets in the last 24 hours. European stocks have been hit hard, as investors push money out of equities and into traditional safe havens.

Agri-food stocks were not immune to the sell-off, with shares in Glanbia, Aryzta, Origin Enterprises and Greencore all falling in recent days. Shares in Glanbia are down 5% in the week to €13.67, while Greencore shares are also back 5% to £1.28.

Shares in Origin Enterprises have slipped 4% this week to €5.32, while Aryzta shares are down almost 3.5% below €18. International shares such as fertiliser giant Yara were also down 3% in the week, while fast food giant McDonald’s saw shares tumble over 3% this week to $157.

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Agri shares – Trump’s China tariffs rattle stock markets

The growing risk of a global trade war between the US and China has rattled global stock markets.