Merchants purchase goods at China Yiwu International Trade City, in Jinhua, Zhejiang Province, on Feb. 9, 2025. Editor at Large Christmas comes early to Yiwu, a bustling entrepôt just a couple hours by train from China’s coastal megacity of Shanghai.

Trump has so far targeted nations with persistent trade imbalances with the U.S., including China, Canada and Mexico, as well as the European Union. More countries will soon be brought into his trade wars with the unveiling of reciprocal tariffs expected to hit a wider swath of nations in early April.

Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a global trade war — all while on-again, off-again new levies continue to escalate uncertainty