New US, China tariffs take effect to start the week

The United States and China continue to impose new tit-for-tat tariffs against each other's goods.

The latest escalation in a heated trade war between the world's two largest economies went into effect Monday morning.

The administration placed tariffs of 10 percent on the $200 billion of Chinese products, with the tariffs to go up to 25 percent by the end of 2018. Beijing's new levies will be 5-10 percent.

The two countries already exchanged tariffs on $50 billion worth of each other's goods earlier this year.

Though a senior White House official last week said the United States will continue to engage China for a "positive way forward," neither side has signaled willingness to compromise, according to Reuters.

No date have been set for the next round of talks.

The Wall Street Journal reported China has canceled upcoming trade discussions with the United States and will not send vice-premier Liu He to Washington this week.

Economists warn that a protracted dispute will eventually stunt growth not just in the U.S. and China but across the broader global economy.

President  Trump on Saturday reiterated a threat to impose further tariffs on Chinese goods should Beijing retaliate.