Trump’s trade wars deepen as China retaliates and markets fall. Here’s what to know

The trade wars launched by U.S. President Donald Trump have escalated to new heights. Just days after Trump unveiled sweeping new “reciprocal” tariffs on imports from around the world, China on Friday levied a retaliatory 34% tariff on all U.S. products starting April 10. Economists warn that the tariffs will raise the prices of products consumers buy each day — from the grocery aisle to car repairs.