The US-China trade talks have reached an impasse. American imports of Chinese goods worth roughly $200bn will now be taxed at a 25% tariff rate, up from 10%. On Monday, the Chinese government responded by announcing it would raise tariffs on its imports of certain US agricultural products, which were worth about $60bn.
The escalation sent stocks sharply downward, with the Dow Jones Industrial Average and the S&P 500 each dropping 2.4%.
