China has so far successfully stalled the deal to stop that advantage from slipping out of its grasp. BlackRock originally wanted the deal finalized by April 2, however, China’s antitrust regulatory agency launched a probe into the proposed $23 billion sale by CK Hutchison, likely halting the deal in its tracks, if only temporarily.

The tariff war between the United States and China rose to unprecedented levels on Wednesday as Donald Trump announced 104 per cent levies on the Asian economic giant after the latter announced it was hiking tariffs on the US to 84 per cent.