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The national debt is $21 trillion and counting.

The federal deficit soared last year to $779 billion and is projected to approach $1 trillion in 2019.

For most Americans, it’s difficult to comprehend a dollar figure that has that many digits. ($1 trillion, when written out in long form, is $1,000,000,000,000. Yes, that’s 12 zeroes.) The numbers are so huge that they almost seem surreal.

But the impact of the rising national debt and federal deficit is very real, even for average Americans, financial experts warn.

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The 2018 Nobel Prize for economics has been awarded to US economists William Nordhaus and Paul Romer for integrating innovation and climate with economic growth.

Nordhaus, a professor at Yale University, and Romer, a former World Bank chief economist now at New York University's Stern School of Business, addressed "some of our time's most basic and pressing questions about how we create long-term sustained and sustainable growth", the Royal Swedish Academy of Sciences said in a statement on Monday.

It said the pair "significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge".

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Elon Musk is to step down as chair of Tesla for three years and pay a fine after reaching a deal with the US financial regulator over tweets he made about taking the firm into private ownership.

Under the settlement Musk would remain as chief executive but must leave his other post within 45 days. Both he and the company will each pay a $20m (£15.3m) fine.

The entrepreneur has overseen two tumultuous months for the car company that battered Tesla’s share price and Musk’s reputation. Last Friday Tesla’s share price was down close to 14% as investors lost confidence.

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China announced it will take retaliatory tariff action against $60 billion of U.S. goods, sharply escalating their trade conflict as the Trump administration considers imposing duties on almost all Chinese imports.

China’s retaliatory tariffs, on items ranging from meat to wheat and textiles, will take effect on Sept. 24, China’s Ministry of Finance said in a statement posted on its website. Beijing is still ready to negotiate an end to the trade tensions with the U.S., the ministry said.

At almost the same time Beijing released its list of counter-tariff targets, President Donald Trump on Tuesday threatened more punitive measures against China if it targets politically potent U.S. agricultural products for retaliation.

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President Trump will announce $200 billion in tariffs on Chinese goods early next week, despite his administration's ongoing trade negotiations with Chinese officials.

The Wall Street Journal reported Saturday that Trump administration officials are prepared to make an official announcement as early as Monday or Tuesday.

A White House spokeswoman declined to comment to the Journal on a potential announcement, instead pointing to a Friday statement encouraging China to address trade issues with the U.S.

U.S. businesses have united in a campaign to be unveiled on Wednesday against President Donald Trump's tariff efforts.

A variety of industries are supporting the multimillion-dollar "Tariffs Hurt the Heartland" campaign by Americans for Free Trade, aiming to highlight the negative consequences of tariffs in advertising, town hall-style meetings beginning next week and reaching out to member of Congress.