Israeli businesses are dependent on foreign markets, and globalization is deeply ingrained in the economic DNA of the country - a 17% tariff will undoubtedly hit hard.

P resident Donald Trump on Monday doubled down on his trade war and threatened to levy even higher tariffs on China this week, as markets endured a third day of intense volatility.

Donald Trump has threatened China with an extra 50% tariff on goods imported into the US if it does not withdraw its 34% counter-tariff, as global markets continue to fall.