China's tit-for-tat could wipe out Wall Street gains for the year

“We know that the tariffs will hurt both economies,” said Doug Barry, spokesman for the US-China Business Council, who expressed some optimism that a trade war could be averted before the tariffs are scheduled to take effect. “We hope both parties will reflect on all the good that our economic ties have produced and all future good that will happen if a deal is reached,” he said.