Days after both countries had raised hopes of a deal, Trump and Xi instead escalate their tariff war
The United States and China traded blows on Monday in the latest escalation of their tariff war, unnerving Wall Street and threatening to draw American consumers into the fray for the first time.
Both nations, which just days earlier had anticipated sealing a comprehensive commercial deal, instead took steps to raise new trade barriers. In Beijing, the Chinese government announced plans to impose tariffs on $60 billion worth of American products in retaliation for U.S. tariffs that President Trump increased on Friday.
Trump, meanwhile, began the process of expanding U.S. tariffs to cover all $540 billion in Chinese imports — a potentially seismic jolt to the global economy that is expected to raise prices for everyday products such as cell phones, sunglasses, cameras and televisions.