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Chinese President Xi Jinping delivering a speech. Photo: Sheng Jiapeng/Visual China Group via Getty Images

Trade talks between China and the United States have come to a halt following the Trump administration's announcement to move forward in the process of instating tariffs on $200 billion worth of Chinese goods, reports Bloomberg.

The big picture: An impasse makes it unlikely that the implementation of additional tariffs and retaliation between two of the world's largest economies will cease anytime soon.

The backdrop: The Trump administration could end up imposing $250 billion in tariffs to date against China if the most recent tariffs are approved next month. China's Commerce Ministry has said the tariffs are "totally unacceptable" and the country previously said it would respond dollar-for-dollar against the United States.

Go deeper

Updated 18 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

24 mins ago - Politics & Policy

President Joe Biden vows to be “a president for all Americans”

Photo by Alex Wong/Getty Images

President Joe Biden sought to sooth a nation riven by political divisions and a global pandemic, but warned that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

The big picture: Moments after taking the oath of office, Biden spoke on the Capitol’s West front, from the very steps that a pro-Trump mob launched an assault on Congress two weeks earlier. They were attempting to overturn an election where Biden defeated former President Donald Trump by more than 7 million votes.

Updated 41 mins ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.