While markets are being somewhat drama queen-ish this morning, China's trade war retaliation was telegraphed well in advance, and as we reported nearly two weeks ago, "China About To Launch "Tens Of Billions" More In Tariffs." As such it should not have come as a surprise that China did just that overnight, when it announced 25% tariffs on $50 billion in 106 US imports.
What was a surprise, was the unexpected announcement that China would also include US soybean exports in the list of items impacted by tariffs, something which we noted earlier opens up the door to a new, third round of tariffs by the US, which would assure that a "nuclear" trade war has indeed broken out.
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