The White House has issued a statement saying the U.S. announced a China trade deal after the conclusion of talks between the U.S. and Chinese delegations in Switzerland on Sunday. But it wasn't immediately clear whether a deal had actually materialized.

Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.