US-China Trade War Escalates

Average US tariffs are estimated at 36.5%, disrupting pharmaceutical and critical-mineral supply chains, while China retaliates with rare-earth controls and canceled agricultural purchases. Chip-export controls, proposed restrictions on Chinese connected vehicles, and White House arguments for reindustrialization are intensifying conflict between national-security priorities and commercial access. Supreme Court limits on IEEPA authority and expanded Section 301 actions add legal and economic uncertainty.