As Bloomberg reports, China will levy 25 percent tariffs on imports of 106 U.S. products, with U.S. farmers, plane- and automakers likely to bear the brunt.
That's in response to 1,300 Chinese products that might be subjected to 25 percent tariffs from the U.S.
Bloomberg lays out the losers and the winners...
Loser: America's Midwest Farmers
The tariffs are a huge blow to American growers, especially those in Midwestern states that Trump needs to win re-election in 2020. China is the biggest buyer of U.S. soybeans, picking up about a third of the entire U.S. crop. The trade is worth about $14 billion. Soybean prices dropped as much as 5.3 percent in Chicago trading, the most since July 2016.