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President Donald Trump plans to meet Chinese counterpart Xi Jinping at next month’s G-20 summit, an encounter that could prove pivotal in a deepening divide over trade that is sending stocks tumbling and clouding the outlook for the global economy.

China announced plans to raise duties on some American imports starting June 1, defying a call from President Donald Trump to resist escalating a trade war that is sending stock futures tumbling and clouding the outlook for the global economy.

President Donald Trump’s administration told China it has a month to seal a trade deal or face tariffs on all its exports to the Unites States, even as both sides sought to avoid a public breakdown in negotiations despite a developing stalemate.

China has a powerful financial-market arsenal for its trade tussle with America, including a hoard of Treasuries and its currency. But using those weapons is not without cost.

The United States hiked tariffs on more than $200 billion in goods from China on May 10 in the most dramatic step yet of President Donald Trump’s push to extract trade concessions, deepening a conflict that has roiled financial markets and cast a shadow over the global economy.

The U.S. trade deficit with China decreased to the narrowest in almost three years as imports slowed and exports advanced, offering President Donald Trump a chance to claim his tariff war is yielding the desired results just as negotiations reach a critical stage.

President Donald Trump’s latest threat to raise tariffs on Chinese goods puts vital intermediate equipment and everyday consumer goods used by millions of Americans back into the cross-hairs.

China’s top trade negotiator Liu He will travel to the United States this week for high-stakes talks as prospects dimmed for maintaining a fragile truce after President Donald Trump threatened to raise tariffs on Chinese goods starting May 10.

With China bent on dominating the future of electric vehicles, President Donald Trump is likely to erect trade barriers targeting that technology in the form of stiff new tariffs that will have staying power, according to a consultant on the country’s auto market.

The latest round of U.S.-China talks wrapped up in Beijing on May 1, with U.S. Treasury Secretary Steven Mnuchin calling the meetings “productive” in a tweet.