President Trump has confirmed that the US is in a trade war with China, as tensions escalate with new tariffs being imposed on both sides. The possibility of pausing or extending the tariffs is still open. The stock market has reacted negatively to the news, with the Dow Jones Industrial Average dropping over 600 points. This move comes after China announced retaliatory tariffs on $60 billion worth of US goods. The impact of these tariffs on the global economy remains uncertain, with concerns about increased prices for consumers and potential disruptions to supply chains.

Read more at Google: Trump tariffs live updates: Trump confirms US-China trade war as Bessent leaves door open to tariff pause extension – Yahoo Finance