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.

United States President Donald Trump doubled the tariff on Chinese imports, bringing that rate to 20%. China retaliated by announcing 15% tariffs on various imports from the US.

The nation’s top three trading partners are rolling out levies on a wide range of products – including soybeans, meat and grains – in the escalating trade war.