The 145% tariff from the U.S. and the retaliatory 125% tariff from China are putting businesses doing trade between the U.S. and China on edge

Washington says it's "optimistic" about a deal with China as tit-for-tat tariffs reach levels that make trade between the two economies unfeasible. What would a deal entail?

China announced Friday that it will raise tariffs on U.S. goods from 84% to 125% — the latest salvo in an escalating trade war between the world’s two largest economies that has rattled markets and raised fears of a global slowdown.

The U.S. hiked its tariffs on China earlier to 125%, which was later re-clarified by the White House to 145% yesterday as the trade war with China escalates further. China finally retaliated to these massive tariffs by announcing new retaliatory tariffs of 125%.