The trade war starts

The Guardian reports:

The US on Friday hiked tariffs on $200bn worth of Chinese goods, prompting Beijing to promise retaliation and escalating the chances of a full-blown trade war between the world’s two economic superpowers.
At 12:01am on Friday in Washington, tariffs on Chinese goods were raised to 25% from 10%, after last-minute talks in Washington between Chinese vice premier Liu He and US trade representative Robert Lighthizer on Thursday failed to salvage months of talks on a deal.
China’s ministry of commerce said in a statement just after the scheduled tariffs went into effect: “The Chinese side deeply regrets that it will have to take necessary countermeasures”.

It might get settled in the next few weeks, but if not prepare for rough times ahead.

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