American companies looking to sell into the huge Chinese market have just taken a big hit. A 34% price increase on all US goods entering the country will knock some out of here altogether.

This is especially bad for US agricultural producers. They already had 10 or 15% tariffs on their produce entering China, in response to the last round of Trump tariffs. Now, if you add 34% on top of that, it is probably pricing most of them out.

Beijing doesn't seem too worried about looking elsewhere for more chicken, pork and sorghum and – at the same time – it knows it is whacking the US president right in his heartland.

Globally, all of this has analysts worried.

The problem is that supply chains have become so international, components in any given product could be sourced from all corners of the planet.