After months of easing in trade tensions, the tariff war has suddenly restarted. According to the US administration, China has reneged on a number of promises. In retaliation, Donald Trump has announced that tariffs on $ 200bn of products imported from China will increase from +10% to +25% (it was done this morning) and has threatened to tax all remaining imports from China. He sees these measures as a "tax" that the Chinese government would pay to its US counterpart. There is no such thing in reality. To date, few end-consumer goods have been affected by these measures. President Trump may think that the US is immune, but he is mistaken.