Ray Dalio Says Trade War With China Is Underway

(Bloomberg) -- President Donald Trump’s threat to impose tariffs on every Chinese import into the U.S. sparked a reaction from billionaire Ray Dalio, founder of the hedge fund giant Bridgewater Associates.

“Today is the first day of the war with China,” Dalio said on Twitter, employing a military metaphor for a conflict that is playing out only in politics and global trade.

After months of rhetoric, a 25 percent levy on $34 billion of Chinese goods entering the U.S. took effect just after midnight Washington time on Friday with farming plows and airplane parts among the products targeted. China hit back immediately via duties on U.S. shipments including soybeans and automobiles.

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