There's no bigger story in finance right now than the ongoing trade war between the United States and China. Kicked off by President Donald Trump, who has taken a hard line on Chinese trade, the conflict has at turns inspired and battered the market, including when the Chinese government allowed its currency, the renminbi, to devalue (the market swooned to the tune of nearly 3%) and then backed off a bit (the market bounced back).
Chief among the tactics used in the trade war has been tariffs. First came the United States' tariff on washing machines and solar panels (though not just those made in China) in March of 2018; then a second set of new tariffs (on steel and aluminum); then retaliatory tariffs from the Chinese on 128 U.S. goods; and then several more back-and-forth tariff announcements and rate hikes.
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