US and China slap big tariffs on each other, escalating trade fight

SHANGHAI - The hefty tariffs that the United States and China slapped on each other's exports Friday intensified a trade battle that has a strong risk of escalating or dragging on, chilling confidence, roiling financial markets and potentially seriously harming the broader economy.

There was no indication of new talks between the two sides as tens of billions of dollars of new taxes on trade took effect. The U.S. agricultural sector has a particularly large stake at risk.

After President Donald Trump followed through on his threat to apply 25 percent levies on $34 billion of Chinese products, mostly machinery and industrial parts, Beijing accused the United States of "launching the largest trade war in economic history," and fired back with dollar-for-dollar tariffs mainly on American farm products and other foods.

Soybeans topped the list - and illustrate how deeply U.S.