Early this morning, the United States officially imposed a 25 percent tariff on $34 billion worth of Chinese exports. The Chinese government, which didn't want to be seen "firing the first shot," says it will immediately impose its own retaliatory tariffs on $34 billion worth of U.S. exports. The Trump administration already has tariffs on another $16 billion of Chinese exports in the works, and is threatening to impose duties on a whopping $500 billion worth if China doesn't back down. In other words, President Trump's trade war is on.