China plans to levy extra tariffs of as much as 25 percent on goods ranging from small aircraft, computers, and textiles to chemicals, meat, wheat, wine, and LNG.

Neither side seems optimistic a trade deal will be reached in this week's high-stakes talks. New U.S. tariffs on Chinese goods set to take effect at midnight.

In response to threatening tweets by President Trump over the weekend, China is reportedly considering canceling a planned trip to Washington by trade negotiators later this week.

IIF study estimates that tariffs reduced U.S. exports to China by almost one-third.