Trump’s Trade War with China Is Underway

“A trade war between the world’s two largest economies officially began on Friday morning as the Trump administration followed through with its threat to impose tariffs on $34 billion worth of Chinese products, a significant escalation of a fight that could hurt companies and consumers in both the United States and China,” the New York Times reports.

“The penalties, which went into effect at 12:01 a.m., prompted quick retaliation by Beijing. China said it immediately put its own similarly sized tariffs on an unspecified clutch of American goods. Previously, the Chinese government had said it would tax pork, soybeans and automobiles, among other goods.”

Wall Street Journal: “President Xi Jinping has instructed various levels of government to get ready for a full-bore trade war.”