President Donald Trump has stymied hopes of a trade deal by raising tariffs on Chinese goods. In retaliation, China put additional tariffs on U.S. goods, causing the stock market to plunge that day. The Trump administration responded to that by taking steps to implement tariffs on even more Chinese products.

So, who’s winning the trade war?

Trump’s approach could signal a historic shift in U.S. policy which has largely encouraged free trade around the globe. The casualties of this fight could include American farmers, the Chinese companies, and the U.S. economy and consumers. But it might also lead to changes in how U.S. companies conduct business in China.

This week on Money Talking, POLITICO Chief Economic Correspondent Ben White talks to host Charlie Herman about how much these escalating tensions should concern us.