Recently during the G7 meeting, the US President and Prime Minister Shinzo Abe discussed on a possible trade deal between the US and China to ease the escalating trade war between the two countries.

As the new tariffs were imposed on the 1st of September, China followed, imposing a 5% tariff on US crude for the first time.

According to Trump's tweets, the US aims to be less reliant on Chinese goods, therefore imposing a 15% tariff on over $125 billion of Chinese goods including clothes, footwear, smart watches and flat-panel televisions. Also, DW adds that given that those duties take effect, virtually all goods imported from China will be covered.

In the meantime, the additional tariffs of 5% and 10% were levied on 1,717 items of a total of 5,078 products from the United States. Yet, Beijing will start collecting additional tariffs on the rest from 15 December.