"I don't think it'll lead to any international conflict or anything like that, but I think they'll probably try to figure out how they can raise tariffs, maybe on products that are unrelated". These the words of President Biden in the aftermath of another round of tariffs - this time on $18 billion worth of imports from China.

"China is fundamentally underwriting their entire industries" Biden tells Yahoo Finance Executive Editor Brian Sozzi in an exclusive interview at the White House, adding the world's second biggest economy is "way over their skis" on trade.

Though not unexpected, the moves will likely cause shockwaves for both the global economy and bilateral relations for the two superpowers.

So how did we get here? We take a look at the ongoing trade tensions for two powerhouse economies.

Be sure to watch the full exclusive interview with President Biden.