The world's two biggest economies are on the brink of an economically destructive trade war. Here's what experts think could happen next.

The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term.

Oil extended declines after China imposed levies on some US commodities, with West Texas Intermediate falling to around $72 per barrel and the global benchmark Brent hovering near $75. The yuan traded offshore extended losses with regional peers, while gold was little changed

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China's finance ministry said it would impose levies of 15% for U.S. coal and 10% for crude oil, farm equipment and some cars.