The United States still buys a lot of products from China, but overall China is a lot less dependent on trade than it used to be. And Beijing now has leverage over the U.S. that it once lacked.
The factory that makes wire mesh used in the majority of North American lobster traps says steel tariffs will spike the cost of their product, and lobstermen will bear the brunt of the higher prices.
Global stock markets fell in response to President Trump's threats to add another layer of tariffs on $200 billion of Chinese goods. Trade tensions are leaving investors uncertain, analysts say.
The Trump administration says it will impose a 25 percent tariff on $50 billion of Chinese goods with "industrially significant technology." A list of products will be released in the next few weeks.
President Trump recently signed into law an act that encourages high-level U.S. officials to visit Taiwan and vice versa, which angered China amid the ongoing disagreements over the trade.
The Chinese president told a group of investors and regional leaders gathered in Hainan that his country would "significantly" lower tariffs on imported automobiles and other products.
U.S. stock markets fell early Wednesday after China announced its latest round of retaliation in the escalating tit-for-tat tariff fight. But major indexes were all up by the end of the day.