Newsweek has contacted the White House and the Chinese Foreign Ministry for comment. President Donald Trump raised U.S. tariffs on China to a combined 145 percent, prompting the Chinese to retaliate with a 125 percent levy on American imports.

Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.

President Donald Trump suggested lowering tariffs on China ahead of trade talks. By how much? From current 145 percent levels down to 80 percent. China currently has 125 percent tariffs on U.S.-made goods. Trump’s treasury secretary and Chinese officials will meet this weekend.