As President Donald Trump on Thursday contemplated extending a global trade war to imports from Europe, the health-care industry is gauging potential fallout from tariffs levied on goods imported from China.

U.S. tariffs will inflict significant harm on the U.S. economy as other countries hit back with "high tariffs" on American goods, Chinese state media warned, leaving the door open for more measures by Beijing as another wave of levies looms.

Beijing’s leaders are ordering fiscally strapped local governments to spend more to help workers, consumers and businesses.