“As the day dawned across the U.S. on Friday, a new economic reality dawned with it: The tariffs long threatened against billions of dollars in Chinese goods took effect just at midnight ET while many Americans were sleeping — but Beijing was ready immediately with a wake-up call of its own.” The trade war is on.

+ Bloomberg: Trump Eyes Even Higher Tariffs as China Trade War Escalates.

+ Why Soybeans Are at the Heart of the U.S.-China Trade War.