The latest escalation in the trade war between the United States and China rattled global markets again on Wednesday, with Treasuries and the U.S. dollar falling in a selloff of some U.S. assets. U.S.

The already battered spirits industry will see its supply squeezed if tariffs raise import costs and other countries’ retaliation closes off export markets.

The ongoing turmoil in financial markets from the day the president declared “Liberation Day” finally generated enough pressure for at least a temporary pause.

China on Wednesday called its trade surplus with the United States an inevitability and warned it had the "determination and means" to continue the fight if Trump kept hitting Chinese goods with tariffs to try and bring it down.

A number of sweeping new taxes on goods from other countries are already here — and more took effect on Wednesday. Trump implemented higher rates for his latest and most severe volley of duties, which he calls “reciprocal” tariffs.