An extreme, protracted trade war between the U.S. and China brings profound risks that could plunge millions of people into poverty, economists say.

European shares opened lower on Thursday after a day of gains in Asia as investors awaited the next steps in President Donald Trump’s trade war. The European Central Bank was expected to cut interest rates given worries over the potential impact of Trump’s trade policies.

The ripple effects of Donald Trump's global trade war are increasingly being felt across numerous industries all at once and on Wednesday were once again exerting pressure on U.S. stock markets that have been roiled for weeks by his erratic trade policies.

President Donald Trump said Thursday that he expects an agreement "over the next three to four weeks" to end the escalating trade war with China.

Trump added he would delay a deal on TikTok until the trade issue with China is worked out. He told reporters U.S. tariffs on Chinese goods might not go higher and may even go lower.

"There will be a trade deal 100%," Trump said ahead of a luncheon at the White House with Italian Prime Minister Giorgia Meloni. "I fully expect it."

America’s TikTok feeds. Chinese suppliers have been flooding American social media this week, urging users to outflank President Donald Trump’s 145% tariffs on Beijing by buying directly from their factories.

Consumers, businesses, and even the prospects for U.S. manufacturing are all likely to become casualties in the escalating trade war between the U.S. and China, trade experts said.