TRADE WAR EXPLAINED:

Round 1: In July, the United States imposed a 25 percent tariff on $34 billion worth of Chinese goods. President Donald Trump said the duties are meant to halt China’s theft of U.S. technology and coercion of American companies to surrender their trade secrets in return for access to the Chinese market.

China retaliates: China added duties on an equivalent $34 billion of imports from the United States, hitting agricultural products like soybeans and pork.

Round 2: Beginning in August, the U.S. added 25 percent tariffs on another $16 billion worth of Chinese industrial goods, totaling $50 billion to that point.

China retaliates: In response to Trump’s remarks, China has imposed equal tariffs of 25 percent on $16 billion worth of US goods, such as energy products like coal and large items like cars.

Round 3: Trump added a 10 percent tariff on $200 billion worth of Chinese goods in September, which is expected to raise to 25 percent at the new year. These duties target consumer goods, totaling tariffs on $250 billion in products since July.

China retaliates: Tariffs between 5 percent and 25 percent went into effect on $60 billion worth of imports from the United States, including aircraft, coffee, flour and smoked beef.

Potential round 4: Trump has threatened an additional tariff on $267 billion in Chinese goods. If this threat becomes reality, virtually all of the United States’ imports from China would be subject to the tariffs.