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A top Chinese official warned March 25 that a “trade war” would harm all sides but gave no indication of Beijing’s possible next move in a spiraling dispute with President Donald Trump over steel and technology.

Treasury Secretary Steven Mnuchin said he’s optimistic the U.S. can reach an agreement with China that will avert the need for President Donald Trump to impose tariffs on at least $50 billion of goods from the country.

China announced plans for reciprocal tariffs on $3 billion of imports from the U.S., including products from steel to pork, after President Donald Trump’s move to order levies on a range of Chinese goods sent markets plunging.

President Donald Trump took his boldest step to level the economic playing field with China, ordering sweeping tariffs on Chinese goods in a move that could escalate already-tense trade relations between the world’s two biggest economies.

The global economy’s upswing showed signs of strain in March as a drop in momentum at businesses from Japan to the euro region underscored the world’s vulnerability to confidence shocks from a trade war.

The U.S. Chamber of Commerce and 44 other associations are urging President Donald Trump not to impose sweeping tariffs in response to China’s trade practices, warning the action would “trigger a chain reaction of negative consequences for the U.S. economy.”

President Donald Trump’s push for import tariffs and the recent White House personnel upheaval increase the chance of a global trade war — and traders need to stay alert, because the end result could be the reappearance of inflation, according to at least one market analyst.

A full-blown trade war could cost the global economy $470 billion, according to Bloomberg Economics.

The strength of oil consumption took analysts by surprise last year, and played a big role in crude’s recovery to a three-year high in January.

The U.S. trade deficit widened more than forecast in January to a post-recession high, adding to figures cited by President Donald Trump as evidence of American weakness while he brings the nation to the brink of a trade war.