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Trade-war's eve

President Trump at the White House with his son, Don Jr.
President Trump and son Don Jr. Photo: Mark Wilson/Getty Images

Just after midnight tonight the Trump administration is set to impose tariffs on $34 billion of Chinese goods, escalating a global trade war that has pitted the U.S. against trading partners around the world.

What's next: Already, several U.S. sectors are freaking out — soybean farmers losing business in China, aluminum metal companies hit inadvertently by tariffs, and GM, worried about soaring supply costs. Manufacturers fear the tariff war will prematurely cut short a renaissance triggered by low natural gas prices and tax cuts, reports Ed Crooks at the FT