Global Daily: Try to Keep Up

The USA’s 10% additional tariffs on imports from China – described by Donald Trump as an “opening salvo” - took effect yesterday. China retaliated swiftly by announcing 15% tariffs on US coal and LNG, and 10% tariffs on crude oil, agricultural machinery and large engine cars. Those retaliatory tariffs only effect a small proportion of US exports, but they are surgically designed to cause maximum discomfort for iconic US companies like Chevrolet and Ford.