100% of Made In China is tarriff'd... Trade negotiators returned from chats in Shanghai this week, reporting to President Trump that China had broken too many promises — it's not buying more US crops, and it hasn't stopped selling the addictive pain reliever fentanyl. So the president started tweeting.
Tariffpalooza affects nearly everything... The S&P 500 (a helpfully broad measure of the whole stock market) dropped 2% after the announcement. Then oil prices plummeted 7% because this escalation could hit global trade. GE and Caterpillar both dipped 4% because they produce and sell there. Best Buy dropped 11% and The Gap dipped 8%.
You’re gonna notice it this time... For political reasons, the tariffs have so far targeted the kind of things that probably don't affect your life ("steel beams" part of your daily routine?). But to escalate the trade war further, Trump started taxing the toys (Barbie, Hot Wheels), clothing (check your label), and tech (likely what you're reading this on) that consumers (read: voters) buy.
FYI: Apple dropped 2% because AirPods, MacBooks, iPhones, and iAnything are China-made and will likely get more expensive because of this.