Higher US tariffs on hold but China trade war grows

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President Trump's envoy Steve Witkoff is in St Petersburg for talks with Vladimir Putin as the US pushes for a ceasefire in Ukraine. Meanwhile, China raises tariffs on American goods to 125%.

US President Donald Trump says transition to new trade world won't be easy, as markets process the White House’s 145% tariff rate for China. Also: Prada agrees to buy rival luxury fashion brand Versace.

Ben Brown in London and Sumi Somaskanda in Washington, examine the key questions about the Trump tariff rollercoaster of the last few days. Why has the US doubled down on China, with even steeper tariffs of 145%?