UBS warns that the trade war with China could escalate from current levels, despite President Donald Trump's temporary pause on U.S. tariff threats against Mexico and Canada, As of Tuesday, the U.S. levied a 10% tariff on all Chinese goods, but Trump has previously threatened tariffs as high as 60% against China, UBS global equity strategist Andrew Garthwaite said. "We think tariff talk on China may rise beyond the 10% tariffs, maybe once a TikTok sale is complete," the strategist wrote in a note on Tuesday. In the midst of the tariff uncertainty, Garthwaite advises investors to stay overweight defensive…