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.

As U.S. President Donald Trump's 10% tariffs on Chinese imports went into effect early Tuesday, Beijing responded with a swaft of retaliatory economic measures targeting American companies.