President Donald Trump's so-called reciprocal tariffs came into effect on Thursday, after months of on-and-off again threats from the White House as it bids to upend global trade. "It's midnight! Billions of dollars in tariffs are now flowing into the United States of America!

Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a clear path forward to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.

Trump dramatically escalated economic tensions in April. Citing unfair Chinese trade practices and promising to revitalize U.S. manufacturing, he announced heavy tariffs on Chinese goods. The move rattled global supply chains and prompted swift retaliation from Beijing, which introduced its own tariffs and a suite of other tit-for-tat measures.