Tariff war pressures U.S. economy, from tech to beef

WASHINGTON/NEW YORK -- Tit-for-tat tariffs by the U.S. and China are expected to deal a heavy blow to American businesses and consumers, from threatening their access to rare-earth elements used in high-tech products to squeezing exports of American beef.

"China wants a deal -- they just don't know how quite to go about it," Trump said Wednesday after announcing a 125% additional tariff on China. The White House later clarified that this is on top of an earlier fentanyl-related tariff of 20%, bringing the total rate to 145%.