Summary
The first shot of the trade war was fired when the US imposed 25% tariffs on $34bn of Chinese goods, targeting industrial and tech sectors. China immediately retaliated in kind. Both sides framed the conflict as defensive.
The first tariff tranche took effect at midnight; Beijing's counter-tariffs followed within hours.
Analysis showing tariff costs are largely absorbed by US importers and consumers, not Chinese exporters.
Chip war drives AI governance race
Global AI Governance Race
Liberation Day tariffs ignite stagflation trap
Global Central Bank Policy