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Fortune

Nicholas Gordon

Trump's 'Liberation Day' leaves the world trading system without a leader: 'The era of rules-based globalization and free trade is over'

Donald Trump United States Globalization Liberation Day China Dan Wang

(Credit: Mandel Ngan—AFP via Getty Images)

It’s a real trade war now.

Beijing responded to Donald Trump’s “Liberation Day” tariffs on Friday, slapping its own 34% tariffs on all U.S. imports, matching the new so-called reciprocal tax rate imposed by the U.S. president on Wednesday. The tariffs come into effect on April 10, one day after Trump’s tariffs.

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