China hits back with export controls, Canada and Mexico remain under threat. USPS closes then reopens "de minimis" small package loophole

The president said he planned to impose tariffs on countries that tax U.S. products. He also paused an action against China, allowing its low-cost products to again enter the U.S. tariff free.

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.