President Donald Trump's tariffs on Chinese goods are intended to help American companies that have been hurt by Beijing's industrial policies.
But in the short term, at least, many American businesses may be the ones feeling pain.
Deals are in limbo. Companies say critical supplies they need to make products could jump in price. And multinational corporations worry about their future ability to do business in China -- a massive market.
On Friday, the Trump administration said it will impose a 25% tariff on $50 billion of Chinese exports. China retaliated almost immediately and said the United States had "launched a trade war."
The Trump tariffs, which the US government says are punishment for intellectual property theft, will be enacted in two waves. More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6. Another 280 or so still need to undergo a public comment period, and will take effect later.