U.S. President Donald Trump hailed talks with China in Switzerland on Saturday, saying the two sides had negotiated "a total reset ... in a friendly, but constructive, manner."

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.