trade war

Hours after President Trump announced tariffs on $200 billion in Chinese goods, Beijing responded with its own levies on $60 billion worth of U.S. products.

Most of the money — more than $3.6 billion — will go to soybean farmers. Last year, China bought nearly a third of all soybeans grown in the U.S.

In a wide-ranging interview with CNBC, President Trump threatened to accelerate and expand tariffs on all goods that come from China.

The Senate voted 88-11 this week to constrain presidential authority to use national security as justification for taxing foreign goods, but the measure was nonbinding.

The United States still buys a lot of products from China, but overall China is a lot less dependent on trade than it used to be. And Beijing now has leverage over the U.S. that it once lacked.

At midnight, U.S. tariffs took effect on $34 billion worth of imported Chinese goods — and Beijing responded quickly. The tit for tat marks a significant escalation in the countries' trade dispute.