Trump has long proposed raising tariffs—or taxes on imported goods that the businesses importing them pay the U.S. government—before the election, and said in November he’ll impose a 25% tariff rate on all imports from Mexico and Canada on the first day of his presidency and will impose an additional 10% tariff rate on all imports from China on top of other tariffs.

China chose swift retaliation for trade measures in the first Trump administration, but that led to an upward spiral of trade measures and much broader tariffs.

U.S. President Donald Trump and Chinese leader Xi Jinping have renewed their trade war as they both announced new tariffs against each other's products. But, unlike the last time they sparred, Beijing is better prepared for a trade standoff with Washington.