Trump’s tariffs: What they are and how China is responding
The punch-and-counterpunch announced Friday in Washington and Beijing moved the world's two largest economies perilously near a trade war that would inflate prices for consumers, disrupt the flow of goods and perhaps slow a global economy that has been enjoying its healthiest expansion in a decade. "Everybody loses in a trade war," says Philip Levy, senior fellow at the Chicago Council on Global Affairs and a former White House economic adviser. What's more, the China tariffs come just as the United States is sparring with close allies like the European Union, Canada and Mexico in a separate conflict over trade in steel and aluminum.
