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The dollar edged higher against a currency basket on Wednesday, but gains were capped after the U.S. said it would place tariffs on an additional $200 billion worth of Chinese imports, escalating a trade spat between Washington and Beijing. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched up 0.11% to 93.94 by 03:54 AM ET (07:54 AM GMT). U.S. trade representative Robert Lighthizer said the U.S. was acting because China had not heeded previous warnings to halt unfair trade practices. News of the additional tariffs pushed fears of a trade war back into focus just days after the U.S. imposed 25% tariffs on $34 billion of Chinese imports, and Beijing retaliated with matching tariffs on the same amount of U.S. imports. The tit-for-tat tariffs have fuelled worries that the world’s two largest economies could descend into an all-out trade war, which investors fear could hit global growth. Uncertainty over the future of the North American Free Trade Agreement and concerns over tariffs that the Trump administration has imposed on European trading partners have also added to investor nerves.

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