Newsweek has contacted the White House and the Chinese Foreign Ministry for comment. President Donald Trump raised U.S. tariffs on China to a combined 145 percent, prompting the Chinese to retaliate with a 125 percent levy on American imports.

Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.

Trump’s trade war began as a cudgel to punish other countries for not doing enough to stop the flow of migrants and fentanyl into the United States. Although tariffs on Mexico, Canada and other nations were paused in early April, tariffs on China have only increased.