President Donald Trump’s move last week to impose tariffs on scores of countries and regions wiped trillions of dollars off Wall Street and shook global markets. He insisted the move, which raised trade duties paid by importers on foreign goods, was necessary to bring manufacturing jobs back to the U.S. and end “unfair” taxation of American products.

Although the administration later rolled back duties on most of those targeted, pending a 90-day pause, the higher 125-percent tax on China has remained largely intact, further escalating the trade war Trump launched against the world’s second-largest economy during his first term.