EMERGING from a week dominated by Turkey's spat with the US, markets are bracing for more trade-related trouble ahead as the Trump administration prepares to slap a 25 per cent tariff on another US$16 billion of Chinese goods on Wednesday.

As with the first round in July, Beijing plans to retaliate immediately with an equal tariff on US$16 billion of US goods entering China.

A fourth round of trade talks between the US and China on Aug 22-23 may be a step towards easing this tit-for-tat situation, although market watchers are sceptical that the lower level officials leading the talks will have much success.