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.

U.S. President Donald Trump said on Thursday that he would love to get a deal with China to end an escalating trade war. Trump made the comments during a Cabinet meeting opened to press. U.S. Treasury Secretary Scott Bessent said during the meeting that as they settle deals with countries,