After China retaliated with increased tariffs on $60 billion in U.S. goods yesterday, the White House said it could slap a 25 percent tax on another $300 billion in Chinese imports. The Dow Jones and S&P 500 both closed down around 2.4 percent, while shares in trade-dependent companies like Apple and Boeing also dipped. Still, President Donald Trump pledged to meet his Chinese counterpart, Xi Jinping, on the sidelines of next month’s G-20 summit in Japan.
Who suffers most? Analysts say businesses and consumers in both countries will take a hit, stunting economic growth for Beijing and Washington.