LISTEN TO ARTICLE 3:16 SHARE THIS ARTICLE Share Tweet Post Email

Photographer: Bloomberg/Bloomberg Photographer: Bloomberg/Bloomberg

Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here.

It’s been a week of trade pain that changes a lot about the global economic outlook.

President Donald Trump’s threat Thursday to put 10% tariffs on the remaining $300 billion of Chinese imports that aren’t subject to his existing levies sent markets tumbling from Asia to Europe and in the U.S. on Friday. The new tax would hit American consumers, and businesses are going to face even more supply disr uptions. China has already vowed to retaliate if Trump follows through.

Bloomberg Economics’ initial estimate of the additional costs of U.S. tariffs and Chinese retaliation sees both economies taking a 0.2% hit to GDP by 2021.

Meanwhile, a simmering trade fight between Japan and South Korea is boiling over, putting the health of two Asian export powers at stake. In Europe, concerns are mounting for a hard U.K. exit from the European Union.

The week ended with fresh numbers out of Washington that show U.S. trade actually declined during the first six months of the year as exports flattened out.

Here are the big developments since Trump made his announcement, click on the links to read more:

( Updates with additional developments. )