In the last week, the U.S.-China trade war has spiraled.

It started in the Rose Garden.

So we're going to be charging a discounted reciprocal tariff of 34%.

I think, in other words, they charge us. We charge them.

We do have some breaking news right now from China. And China hit back.

China announcing retaliatory tariffs of 34% effective April 10th.

Then the U.S. countered China's counter retaliation.

Now a 104% tariff on Chinese imports.

Then China countered the U.S.'s counter-counter retaliation.

An 84% hit on all U.S. goods coming into China.

And then yesterday, President Trump paused tariffs on most other countries, with one big exception.

The tariff on China will now go up to 125 percent because China imprudently decided to retaliate against the United States.

There has been quite a sense of shock, frustration, and anger in Beijing.

That's our colleague Lingling Wei.

How far is China willing to go?

Well, it all comes down to who buckles from the pain first.

For now, the Chinese leader, Xi Jinping, has shown no sign of backing down. If anything,

he's doubling down.

We have the world's two biggest economies now in a full-blown, massive trade war.

How can this end?

And what will it mean for the global economy?

Given how high the U.S. tariffs on China are right now, basically the U.S. market is closed to China.

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