The volatile U.S.-China relationship hit another bump yesterday when President Donald Trump said he is considering placing a cooking oil embargo on Beijing in retaliation for it's refusal to buy U.S. soybeans. The ongoing feud has led to choppy stock market trading over recent days.

President Donald Trump says China should take a less confrontational approach to his threatened new tariffs, but he's not retreating from his demands

Soybeans were the number one U.S. agricultural export, worth about $24.5 billion and more than half of it was bought by China.

U.S. Treasury Secretary Scott Bessent on Wednesday insisted that Washington did not want to escalate a trade conflict with China, stressing that President Donald Trump is ready to meet Chinese President Xi Jinping in South Korea later this month.

President Donald Trump said Friday he would impose a 100% tariff on China “over and above any Tariff they are currently paying” effective November 1 – massively escalating his trade war amid a heated dispute over export controls on rare earths.

China vowed to retaliate if U.S. President Donald Trump makes good on his threat to impose a 100% tariff on goods from the Asian country.

The regime has rattled China’s trading partners and enraged President Donald Trump. In response, he has threatened an extra tariff of 100% on Chinese goods and retaliatory controls on American exports to China.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer warned on Wednesday that China's new trade rules are part of an apparent effort to control the world's supply chains. CBS News MoneyWatch correspondent Kelly O'Grady has more details.