The Trump administration is touting the likelihood of reaching trade agreements with several countries. But the spat with China is just escalating.

Trump defended the tariffs he imposed on other nations but acknowledged some problems with the rollout in a meeting with his Cabinet, "but in the end it's going to be a beautiful thing." Meanwhile, the White House raised the tariffs on all Chinese exports to 125% after Beijing's latest round of retaliation -- that's in addition to the 20% fentanyl-related tariffs imposed in early February,