China cancels trade talks

China has cancelled planned trade talks with the United States that were set to take place in the coming days, according to The Wall Street Journal. The decision to end the talks comes after the Trump Administration said it was slapping $200 billion in levies on Chinese goods and after Chinese officials have said they wouldn't negotiate under threats. China said it would retaliate against $60 billion in U.S. goods in response — to which President Trump said he would take tariffs even higher. The moves bring the U.S. and China, the world's two largest trading partners, ever "closer to a full-blown trade war," says the Journal.