For more than a year, the world’s two largest economies have been locked in a high-stakes duel marked by Trump’s escalating penalties on Chinese goods and Beijing’s retaliatory tariffs.

The trade war has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession.

U.S. President Donald Trump’s only regret in hiking tariffs on China is that he didn’t raise them higher, his press secretary said Sunday after the president had earlier signaled some remorse for an escalating trade war with China.