Trump China Tariffs, Border Separations, Elizabeth Holmes: CEO Daily for June 18, 2018

CHINA-US-TRUMP-POLITICS-DIPLOMACY (Credit: Nicolas Asfouri—AFP/Getty Images)

Good morning. Fortune London editor Claire Zillman here, filling in for Alan. As expected on Friday, the Trump administration slapped tariffs on $50 billion of imports from China. And—as expected—China retaliated

commentary in state media Xinhua early Monday Bloomberg he said in March as Reuters notes

	Claire Zillman
	@clairezillman
	claire.zillman@fortune.com

, imposing a 25% duty on $34 billion in exports from the U.S.—such as soybeans, corn, beef, poultry, and automobiles—with additional tariffs planned for goods like coal, crude oil, and gasoline. Trump had vowed to introduce additional tariffs if China hit back, so it seems the U.S. could soon deliver yet another jab as the superpowers' blow-for-blow trade war escalates. China "does not want the trade war," according to, but a "capricious Washington" has given Beijing "no choice but to fight back vigorously in defense of its national interests." Andrew Polk, co-founder of research firm Trivium China, gave this perspective on how Beijing sees the looming trade war: “The Chinese view this as an exercise in self-flagellation, meaning that the country that wins a trade war is the country that can endure most pain.” China “thinks it can outlast the U.S." Beijing, of course, has the distinct advantage of not facing an election in November or in two years. While Trump has seemed to praise Xi Jinping's newfound "president for life" status—"Maybe we’ll give that a shot some day," —he doesn't have that luxury. Speaking of counterpunches, a new Ipsos poll gives a peek into how Canadians are viewing their nation's new tensions with the U.S. A whopping 70% said they will look for ways to avoid purchasing U.S.-made products following Prime Minister Justin Trudeau's tiff with Trump. But that show of patriotism may be difficult for Canadians to pull off since——U.S. pop culture and consumer goods are revered in Canada; it is the largest market for U.S. products. More news below.