Article snippet: MORE’s trade war with China is approaching the one-year mark, with no end in sight. The two countries appeared close to a deal just a week ago after months of negotiations and reciprocal tariffs. But Trump ordered a steep increase in tariffs on Chinese goods after top Beijing officials reportedly backtracked on previous agreements with the White House. Treasury Secretary no deal was announced. The U.S. economy and Trump’s reelection campaign could face serious consequences if Washington and Beijing can’t resolve their trade spat. But the president said Friday there is “no need to rush” a trade deal with China. He later added that he is prepared to wait out Chinese President Xi Jinping until China delivers on key concessions. Here are five things to know about the U.S.-China trade war. Tariffs cover roughly half of Chinese exports to the U.S. American retailers and manufacturers rely on a steady stream of consumer goods, food products, technology and parts from China, purchasing $535.5 billion in Chinese imports last year. Trump has sought to pressure China to strike a deal by imposing tariffs on almost half of those imports. The U.S. has increased import taxes and broadened their scope since levying a 25 percent tariff in July on $50 billion of Chinese goods, mainly industrial parts, tools and electrical products. The next move by the Trump administration, in September, consisted of a 10 percent tariff on another $200 billion in Chinese exports. Those tariffs jum... Link to the full article to read more