The Chinese-US Trade War is ON

And it so it begins. 

When the clock struck midnight on Friday, the US imposed new tariffs on $34 billion of annual imports from China, leading the Chinese to institute their own retaliatory tariffs. 

The rate will match the US at 25% on goods such as cars and agricultural products. 

China said it had not wanted to "fire the first shot" but was forced to respond after the US had "launched the largest trade war in economic history." 

The country is now looking to report the US to the World Trade Organization on Friday for breaching international trade laws. 

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