A reordering of global trading relationships could be underway as the world’s two largest economies clash and relations spiral into a trade war. On Friday, Beijing raised its tariffs on U.S. goods from 84% to 125%, starting Saturday, after the U.S. pushed its tariffs on Chinese products to a total of 145%.
Early on, China retaliated against imports of American farm products like beef and pork and imposed export controls on strategically vital minerals. It has targeted big companies like DuPont China and Google with antitrust investigations and reduced the number of Hollywood films shown in Chinese cinemas.
