U.S., China ramp up growing trade war with new port fees

Trade tensions are on the rise between the United States and China.

On Tuesday, the two superpowers both enacted new port fees on all freight entering their respective countries, a move that will cost maritime carriers on either side of the aisle, millions.

While these new port fees are definitely going to have an effect on both countries, experts predict the impact will ripple out towards the global economy as a whole.

That’s just the beginning, both sides are threatening further escalating trade policies, with China vowing to restrict its exports of rare earth minerals.