Need to Know: What’s the play as the trade-war starter gun goes off? Buy the news

It is on.

The trade war that is, with U.S. tariffs kicking in as promised just after the clock struck midnight, and China apparently making good on its own promise to match. Even if this was all well-telegraphed, the reality may still be a bit tough to digest for Wall Street.

And for American businesses, the unease can only get worse, warns JonesTrading’s Michael O’Rourke. The chief market strategist reminds us that the biggest beneficiaries of globalization — something Trump has been vocal in criticizing — have been U.S. companies.

“American corporations need China more than China needs them, and with every escalation their uncertainty rises,” said O’Rourke.

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