At 12:01 am Friday, the US has finally followed through with their threat to levy tariffs on $34 billion worth of Chinese goods, potentially plunging the two countries into a costly and increasingly unpredictable trade war.

Moments after the deadline, the Chinese Ministry of Commerce issued a statement calling the U.S. move "typical trade bullying", describing the US move as triggering "the biggest economic trade war in history".

The ministry did not specify what measures to expect, but Chinese officials have previously said they will respond with equivalent action against a range of U.S. goods, including pork, poultry, soybeans and corn, and US President Trump last month vowed to hit an additional $200 billion in Chinese goods if Beijing did so.

We'll keep you posted.

Rick Maggi