The fast-worsening trade war between the United States and China — the planet’s premier geopolitical powers, whose economies are intricately entwined — threatens to wreak severe damage on both nations and will send shockwaves worldwide.

9 April: Custom tariffs on roughly 60 countries - dubbed the worst offenders - come into effect. Trump then announces a 90-day pause for all countries, except China, with a universal 10% tariff across the board. China's tariffs are hiked to 125%

President Donald Trump's decision to pause so-called "reciprocal tariffs" for most countries triggered a historic stock market rally on Wednesday, but the levies that remain in place are still expected to hike prices and put the U.S. at risk of a recession, experts told ABC News.

U.S. President Donald Trump said on Wednesday he authorized a 90-day pause as part of his tariff plan but was also raising the tariff rate for China to 125%, effective immediately. (Reporting by Susan Heavey and Ryan Patrick Jones;

President Donald Trump’s new tariffs threaten to push up prices on clothes, mobile phones, furniture and many other products in the coming months.

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Fallout from President Donald Trump's trade war sent the S&P 500 down 3.5%. The House of Representatives has advanced a budget framework to cut $1.5 trillion in spending.

But the European Commission President warned: "If negotiations are not satisfactory, our countermeasures will kick in."

The European Union is putting on hold its planned tariffs on U.S. products after Trump said he would pause a major part of his administration’s own tariffs on goods, including from Europe.