In January 2023, U.S. Treasury Secretary Janet Yellen announced that the government had hit its debt ceiling, the maximum amount of money that the federal government can legally borrow.

China hit back at the U.S. with tariffs of its own. Beijing also said it was starting an antitrust probe into Alphabet’s Google.

Tariffs on goods from Mexico, Canada, and China will add to inflation, curb economic growth, and complicate Federal Reserve decisions.