Zero Hedge — US Slaps New Tariffs On China; One Minute Later China Retaliates

Trade war escalating tit for tat. Who blinks first? And what happens if neither side blinks?

...with no trade deal in sight, at 12:00am on Sunday, the Trump administration slapped tariffs on $112 billion in Chinese imports, the latest escalation in a trade war that’s ground the global economy to a halt, sent Germany into a recession, and given the market an alibi to keep rising because, wait for it, "a trade deal is imminent."

Only, it isn't, and 1 minute later, at 12:01am EDT, China retaliated with higher tariffs being rolled out in stages on a total of about $75 billion of U.S. goods. The target list strikes at the heart of Trump’s political support - factories and farms across the Midwest and South at a time when the U.S. economy is showing signs of slowing down....

Zero Hedge
US Slaps New Tariffs On China; One Minute Later China Retaliates
Tyler Durden