President Donald Trump's "reciprocal" tariffs on dozens of countries were set to take effect on Wednesday, including massive 104% duties on Chinese goods, deepening his global trade war even as he prepared for negotiations with some nations.

A striking escalation of trade hostilities shows the two economies are digging in for a protracted fight.

P resident Donald Trump on Monday doubled down on his trade war and threatened to levy even higher tariffs on China this week, as markets endured a third day of intense volatility.