President Trump’s decision to hike tariffs on $200 billion worth of Chinese goods from 10% to 25% comes into effect starting today. Despite Chinese Vice Premier Liu He’s visit being underway in Washington, Trump has gone ahead with his decision to impose higher tariffs.

Markets now wait to see how China will retaliate to this tariff hike. So far, we’ve heard the Chinese Commerce Ministry express deep regret on this issue.

Yesterday’s meeting between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin lasted 90 minutes. The meetings are set to resume later today, but markets remain unsure if both sides can salvage the deal.