U.S. President Donald Trump meets Japanese Prime Minister Shigeru Ishiba for the first time on Friday as two allies wary of China's rise work to boost business and security ties while an escalating trade war threatens to rupture the global economy.

The world's two biggest economies are on the brink of an economically destructive trade war. Here's what experts think could happen next.

After many months of threats, the US has imposed 10% tariffs on all Chinese goods coming into the country. Helen Qiao, chief economist for Greater China at Bank of America, joins John Lee and Katia Dmitrieva to gauge the impact in the world's second largest economy and what could lay ahead.

China's stocks and currency came under pressure as markets returning from a week-long break were greeted by a new trade dispute with the United States and ructions in the global artificial intelligence sector.

China alleges that the tariffs are based on unfounded and false allegations, and are in excess of the U.S.’s bound rates in a tariff agreement from 1994.

In the two days since President Trump enacted new tariffs on goods from China, none of the major US shipping companies and couriers have yet announced detailed policies on new fees, though some have warned of possible delays and disruption.

China filed a World Trade Organization complaint on Wednesday against U.S. President Donald Trump's new 10% tariff on Chinese imports and his cancellation of a duty-free exemption for low-value packages,