Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a clear path forward to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.

Shares in Asia are mostly higher after the U.S. and China ended their latest round of trade talks without a deal

A big question in President Trump’s trade war is who will bear the brunt of the tariffs. The president and his advisers have insisted that foreign governments face the costs, not American businesses or consumers.

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President Trump is set to hit several major U.S. trading partners with steep tariffs if they don’t agree to new trade terms before an Aug. 1. deadline. Trump suggested Monday that any nation that refuses to strike a deal with the U.

The euro struggled to recoup its steep losses on Tuesday as investors sobered up to the fact that terms of the trade deal between the U.S. and the European Union favoured the former and hardly lifted the economic outlook of the bloc.

The reaction has been downbeat across the bloc - though several capitals acknowledged signing an uneven deal was worth it in order to avert an all-out trade war. It will see a 15% tariff on most EU exports to the US - half the rate threatened by Trump - in return for Europe buying more American energy and slashing taxes on some imports.

The comments came after European Commission President Ursula von der Leyen met with U.S. President Donald Trump, with their handshake sealing what many European commentators have characterized as a capitulation to American trade pressures.