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As global share markets tumble, with trillions of dollars wiped from world markets in a couple of days China has announced retaliatory tariffs of 34 percent on US goods.
Yesterday, Wall Street suffered its worst day since the Pandemic after US President Donald Trump announced a raft of world-wide sweeping tariffs.
His administration is to charge a minimum tariff of 10% on most countries including New Zealand - which the US incorrectly claims imposes a 20 percent tariff on US products.
Simplicity Chief Economist Shamubeel Eaqub breaks down what that means to our businesses and families.
