Good Friday. Bayer is reportedly willing to pay as much as $8 billion to settle more than 18,000 U.S. lawsuits about links between cancer and its Roundup weedkiller, Bloomberg reports. (Want this by email? Sign up here.)

The trade war is now bigger than tariffs

Since President Trump threatened last week to impose new tariffs on virtually everything China ships to the U.S., the wide variety of options open to Beijing for retaliation have begun to emerge, Alexandra Stevenson of the NYT reports.

China has a list of potent tools at its disposal. It has already stopped buying American crops. It may weaponize its currency by letting the value of the renminbi continue to slide. (Its midpoint was set today at its weakest level since 2008.) Its mining industry could hold back minerals that are vital for tech companies. And its policymakers are openly discussing doing without American trade.

But the U.S. is playing hardball. “The White House is holding off on a decision about licenses for U.S. companies to restart business with Huawei,” Bloomberg reports, citing unnamed sources. That move is said to have been spurred by Beijing’s decision to halt purchases of U.S. farm goods.