China retaliated against newly imposed U.S. tariffs on Chinese goods. China announced 15 percent tariffs on American coal and liquefied natural gas and 10 percent on crude oil. The Trump administration said its tariffs were aimed at punishing China for the flow of fentanyl into the U.

President Donald Trump's tariff hike on Chinese imports that took effect Tuesday could push the world's second-largest economy "very close" to a recession, one analyst says, warning that the U.S. economy will also take a hit.