Beijing imposed broad tariffs on imports of American food and said 15 U.S. companies could no longer buy from China without special permission.

President Trump is making good on tariff threats that will raise the stakes of his trade war with China and potentially ignite another in North America. Why it matters: It breaks a pattern of head fakes that Wall Street and businesses large and small had hoped would continue.

Lin made the comments after an additional 10% tariff on Chinese imports to the U.S. took effect Tuesday, prompting China to announce it would increase import duties by 10-15% on several key American agricultural food products, plus expand export controls on 15 U.S. firms in retaliation.