China issues retaliatory tariffs against U.S.

China issued new tariffs of 5% to 10% on $60 billion of U.S. goods on Monday morning, a simultaneous retaliatory response to the latest round of American tariffs, per the AP.

The big picture: China had threatened last month to issue this round of tariffs should the Trump administration decide to launch another round of the trade war. The economic conflict is now officially here — and shows no signs of abating.