Marketplace has been following Lei’s business since 2018, just before President Trump imposed tariffs in his first term. Not only did his business survive the extra levies, but Lei said the percentage of his sales to the U.S. went up from 50% in 2018 to 70% at the start of this year.

President Donald Trump and his Chinese counterpart, Xi Jinping, have spoken amid stalled negotiations between both countries over tariffs that have roiled global trade

President Trump and Chinese leader Xi Jinping spoke on Thursday, and both countries pledged to restart tariff and trade talks in the coming days. Trump hailed the call as "positive," with both leaders inviting the other to visit their respective countries.

Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

US import costs of steel and aluminium, used in everything from baseball bats to cars and aircraft parts, are expected to rise by more than $100bn after Donald Trump raised tariffs on the metals to 50 per cent this week.