1. “We’re in a very strong position.”

That was President Trump today, saying that the 25 percent tariffs he imposed on $250 billion worth of Chinese goods would hurt China, not the U.S. He also said he was considering additional levies on nearly every imported product and referred to the trade dispute as “a little squabble.”

The U.S. now has the highest tariff rate among developed countries, outranking Canada, Germany and France, as well as China, Russia and Turkey. The trade war could be long and painful, our economics correspondent writes, as both sides dig into their positions. Above, a food innovation exhibition in Shanghai today.