U.S. exports to China would likely have been $160 billion to $201 billion greater without the seven-year Trump-Biden trade war.

The United States doubled tariffs on steel and aluminium imports on Wednesday, activating a hike in the duties on the imported metals to 50% from the 25% rate introduced in March. The day also marks the Trump administration’s deadline for trading partners to submit their “best offers” to avoid further steep import duties set to take effect in early July.

The truce between the U.S. and China for a 90-day tariff reprieve looks to be crumbling. Both sides say the other is in violation of the agreement that ratcheted tariffs down from