Here's what you need to know.
Bardole voted for Trump, and he says while the trade agreements the president rails against have actually been good for the U.S.ag industry, he also says they've been bad for other industries. Chinese officials have promised to respond accordingly if Trump continues to ratchet up tensions.
Economists are anxious because neither side shows signs of backing down.
That sounds big. Is it? Those tariffs were matched by China's threat to penalize on US exports, a move that drew the president's ire. It's the world's largest bilateral trading relationship.
Shares of Boeing, which has acted as a proxy for trade war tensions with China as it is the single largest US exporter to the country, fell 3.9 percent, weighing the most on the Dow. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Chinese authorities also pledged to add another 114 product categories to the existing list.More news: Melania Trump Issues Statement On Family Separations At The Border
But after matching U.S. tariffs, the world's second-largest economy is starting to run out of options after importing just $129.8 billion of American imports.
President Donald Trump is calling for 10 percent tariffs on $200 billion in Chinese imports.
In the separate dispute about steel and aluminium tariffs, he also has to contend with the politically targeted retaliation that other countries such as Mexico, Canada and the European Union have in hand, meant to hit important states in the mid-term elections.
That prompted a sharp response from Beijing, with China's Commerce Ministry accusing the United States of "extreme pressure and blackmail".
What would that look like?
Among the day's losers, the yuan weakened to 6.4948 to the dollar in the offshore market CNH=D3, the lowest in five months, before easing to 6.4800 in late USA trading. Chinese tourism to South Korea was cut almost in half, hurting hotels, duty free stores and other travel businesses.
Beijing could also seek to make life hard for big U.S. companies that rely on the Chinese market for a big chunk of their revenue. "However, confronted by such short-sighted act that hurts both United States itself and others, China has no choice but to fight back forcefully".More news: Toyota wins the 2018 Le Mans 24hrs!
Top US brands such as Apple, GM and Boeing generate large amounts of sales in China. The tech and energy were down more than 1 percent. "However, China is adamant about not wanting to look weak in this conflict with the USA". They could face tariffs when the chips are shipped back in to the country.
Global markets are volatile as the prospects for a trade war have intensified.
Protectionism is threatening to slow global trade, undermining growth and jobs in the United States.
"Canada's not going to take advantage of the United States any longer", Trump said.
"If the situation were to escalate the main beneficiary would be the United States dollar", said Commerzbank currency strategist Thu Lan Nguyen.More news: Historic Griezmann goal, Pogba secure slender win