President Donald Trump said he's prepared to meet with Chinese President Xi Jinping in South Korea later this month. Maxim Shemetov/Reuters/Graeme Sloan/Sipa USA/AP

Another spat between the leaders of the world’s two largest economies has quickly escalated, and if President Donald Trump and Chinese President Xi Jinping don’t lower the temperature soon, both nations stand to pay an exorbitant price.

Sky-high tariffs had brought trade between the two countries to a screeching halt earlier this year, before they reached a monthslong truce and substantially lowered levies on one another.

But trade tensions have reignited, with Trump threatening to impose tariffs starting at 130% on Chinese exports by November 1, up from the 30% minimum rate currently in effect. Trump also said he’s prep

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