Chinese officials are calling on US President Donald Trump to "completely cancel" his so-called reciprocal tariffs, as a trade war between the world's two biggest economies grinds on. This week, Trump announced a 90-day pause on a host of global tariffs he had planned, but increased levies on Chinese imports to 145%.

Five Below Inc. shares dropped on Friday after the retailer asked vendors to turn away products waiting for shipment in China before they set off for the US, according to a memo reviewed by Bloomberg.

The fast-worsening trade war between the United States and China — the planet’s premier geopolitical powers, whose economies are intricately entwined — threatens to wreak severe damage on both nations and will send shockwaves worldwide.