Speaking at an Epoch investor briefing in Sydney on Tuesday (18 September), Mr Priest said that the two largest economies in the world have nothing to gain by going head to head in a trade war.

The US-China trade war escalated on Tuesday after the United States announced it will impose a 10 percent tariff on Chinese goods. The tariff will be imposed later this month on $200 billion worth of Chinese goods, which will increase to 25 percent by the end of the year.

The new tariffs, together with the penalties from earlier this year, mean roughly half of all products sold by China to the US will be affected.

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