Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a clear path forward to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.

Shares in Asia are mostly higher after the U.S. and China ended their latest round of trade talks without a deal

President Donald Trump shakes hands with European Commission President Ursula von der Leyen, as US Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer and White House Deputy Chief of Staff Stephen Miller clap after an announcement of a trade deal between the US and EU in Turnberry, Scotland, on July 27.

A big question in President Trump’s trade war is who will bear the brunt of the tariffs. The president and his advisers have insisted that foreign governments face the costs, not American businesses or consumers.

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President Trump is winning what he sought in pursuing a global trade war: A series of deals that are resulting, so far, in big concessions by major partners, new revenue for the federal government, and minimal upset to the U.