While the full list of affected goods has not been detailed, the increased tariffs likely cover a broad range of imports, including electronics, machinery, and consumer goods.

Many U.S. companies are expressing concerns about the tariffs and are seeking exemptions for crucial products that they source from China, indicating that they anticipate a negative impact on their operations and profitability.

The tariffs have contributed to significant sell-offs in major stock indexes, with the S&P 500 dropping by 3.5% as investors react to the increasing trade tensions and uncertainty surrounding future profits in U.S. markets.

Apple is ramping up production of its iPhones in India to avoid the impact of tariffs on Chinese imports, aiming to ship millions of units to the U.S. before any price increases take effect due to the tariffs.

Currently, both the U.S. and China show no signs of de-escalating tensions, with each side making strong statements about their unwillingness to back down, indicating that further escalation is likely in the near future.