How bad is the trade war with China going to get?

The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term.

Immediately after a new 10% tariff on all Chinese goods shipped to the US went into effect on Tuesday at 12:01 a.m. ET, China responded by announcing a 15% tariff on some goods it imports from the US: certain types of coal and liquefied natural gas and a 10% tariff on crude oil, agricultural machinery, large-displacement cars and pickup trucks. Those tariffs are set to take effect on Monday.

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