China's retaliation tariffs hit tequila and 5,000 more things. Here's where it all stands.

"No, you hang up"... (but with geopolitical tension instead of puppy love). One business day after President Trump hiked tariffs on Chinese-made imports from 10% to 25%, China announced higher tariffs on $60B in USA-made goods starting June 1st. That dropped stocks the moment Monday's markets opened.

"Americans' entire shopping cart will get more expensive"... Straight talk from a Walmart/Target lobbyist. Since Friday, half of Chinese imports have a 25% tariff — The other half is full of goodies you're probably wearing/touching/tapping right now (electronics, t-shirts, Silly Puddy). Here's what's surprisingly hit on both sides:

• The next $300B of US tariffs on China: Purebred horses, 122 different kinds of footwear, coffee makers. Our highlight from the super-detailed list: "Footwear w/outer soles & uppers of rubber or plastics, nesoi, n/cov. ankle, nesoi, valued o/$6.50 but n/o $12/pair."
• The next $60B of Chinese ones on the US: Honey, salted beef, "fine and coarse rice," tequila, gin, bricks, watches, chalk, canoes, and 5,000 more things.
• Fun fact: Both China and the US are tariff-ing shoes made by the other. But it doesn't cancel out.