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Go deeper: The ripple effect of the U.S.-China trade war

Trump behind a podium in Beijing.
Photo: Thomas Peter-Pool/Getty Images

As tariffs enacted by China and the U.S. took effect on Friday, American industries have been grieving about the immediate after effects, but neither country is showing any signs of backing down.

The big picture: Both countries have enacted tariffs up to $34 billion in value, with additional tariffs expected to rollout shortly. Meanwhile, countries in North America and Europe are retreating into defense mode and taking their own precautionary measures to avoid getting caught in the crossfire.