During his presidential campaign, Trump pitched several ways to up tariffs on other countries. Those included a 10% to 20% tariff on all foreign imports, a 60% to 100% additional tariff on Chinese imports, and a 25% tariff on Mexican imports. Read more: How do tariffs work, and who really pays them?

The world’s two largest economies did not cut a deal to avert sweeping U.S. tariffs, which came into effect after midnight. Beijing immediately retaliated.