Here's a quick roundup to get you caught up on the news that China has decided to strike back at the U.S. and impose higher tariffs on U.S. goods.

China to impose tariffs on U.S. goods despite Trump warningReuters: China said today that it would impose higher tariffs on a range of U.S. goods, striking back in its trade war with Washington shortly after President Donald Trump warned it not to retaliate. China’s finance ministry said it plans to set import tariffs ranging from 5% to 25% on 5,140 U.S. products on a target list worth about $60 billion. It said the tariffs will take effect on June 1.

"It can't get any worse': Iowa farmers suffer as U.S. trade war with China escalates
Des Moines Register: Prospects for improved prices for farmers are dimming, experts say, with record supplies, disease sweeping through China's pig herd and cutting soy demand, and hope for a new U.S.-China trade deal slipping away. "Farmers, particularly soybean farmers, have been the tip of the spear when it comes to Chinese retaliation, and I'm not sure they can take much more," said Kirk Leeds, CEO of the Iowa Soybean Association.

Stocks set for worst drop in 4 months on China woe
Bloomberg: U.S. stocks and commodities sank after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the yen on demand for haven assets. The S&P 500 headed for the biggest decline since Jan. 3 and and the Dow Jones industrial average slumped more than 500 points after China targeted some of the nation’s biggest exporters.