The ratcheting up of trade restrictions comes as Trump has been threatening to sharply raise tariffs on imports from China and other countries.

General Motors is to write off more than $5bn from the value of its businesses in China, as slowing demand in the country hits carmakers. In an announcement on Wednesday, GM said that there was a “material loss in value of our investments in certain of the China joint ventures .

China, once GM’s largest and most important market, has become its biggest problem. General Motors told shareholders on Wednesday that it would record two non-cash charges totaling more than $5 billion on its joint venture in China, one related to the restructuring of the operation and another reflecting its reduced value.