Trump increases tariffs on all Chinese imports by 10 percent. China retaliates with 10 to 15 percent tariffs on U.S. coal and liquefied natural gas products, as well as agricultural equipment. Trump also announces a 25-percent tariff on all steel and aluminum products coming into the U.S., which comes into effect in mid-March.

U.S.-China trade talks in Geneva resulted in a temporary slash of tariff rates, but the ripple effect of this tit-for-tat escalation won’t disappear anytime soon.