China, Russia and other countries have developed retaliatory options that could deeply hurt America’s economy and standard of living.

China is subject to significant US tariffs already and has been since Trump's first term. But the blanket nature of today's new levies from the White House on every single goods import from China - from toys, to mobile phones, to clothes - is new and significant.

After Trump took Mexico and Canada to the brink of trade wars, both nations have managed to defuse his tariff bombs. (At least, for now . . . ) Trump halted sweeping tariffs on the US’s two biggest trading partners after separate bilateral phone calls with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau.