President Donald Trump and Chinese President Xi Jinping could be closer to signing a trade agreement, but obstacles remain. WSJ takes a look back at how the world’s two largest economies got to this point. Photo: GettyWASHINGTON—The U.S. Trade Representative’s office filed paperwork to formally raise tariffs to 25% from 10% on about $200 billion a year of Chinese imports effective on Friday, carrying through on a threat made by President Trump over the weekend as talks with Beijing deteriorated. China responded Wednesday by saying it will retaliate if the U.S. moves forward.

Source: Wall Street Journal May 08, 2019 13:53 UTC