This week, the US-China trade war escalated dramatically. The Trump administration announced 10 percent tariffs on $200 billion in Chinese exports, which will jump to 25 percent in January unless China offers concessions. China countered with tariffs ranging from 5-10 percent on $60 billion in US products that may likewise rise to 25 percent. President Trump then shot back with a threat of tariffs on yet another $267 billion in Chinese exports.