China Strikes Back: Trade War Escalates

China retaliates against the US in the trade war, sanctioning five US units of Hanwha Ocean, sparking market selloffs and escalating tensions. Despite hopes for de-escalation, China's actions, including halting soybean purchases and investigating Qualcomm, signal a prolonged conflict. The US Treasury Secretary and President Trump responded strongly, threatening further restrictions. Ultimately, American consumers and companies are poised to bear the brunt of the tariffs, with potential price hikes looming. The US Supreme Court is set to review Trump's tariff strategy next month, potentially reshaping the future of US trade wars.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.