President Trump is making good on tariff threats that will raise the stakes of his trade war with China and potentially ignite another in North America. Why it matters: It breaks a pattern of head fakes that Wall Street and businesses large and small had hoped would continue.

Lin made the comments after an additional 10% tariff on Chinese imports to the U.S. took effect Tuesday, prompting China to announce it would increase import duties by 10-15% on several key American agricultural food products, plus expand export controls on 15 U.S. firms in retaliation.