By Laurie Chen and David Lawder BEIJING/WASHINGTON (Reuters) -China and the United States start their first major Trade War Two meeting on Saturday to pull back from what analysts describe as a lose-lose situation for their economies,

Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.

Shipments of goods to the United States plunged by 21 percent in April, but spiked to Asia as President Trump imposed sky-high tariffs on China.