Trump tariffs in 2016 sent a glut of cheap Chinese imports, originally intended for the US, into South East Asia, hurting many local manufacturers. But they also opened new doors for other businesses, often into global supply chains that wanted to cut their dependence on China.

China is facing a double whammy: corrosive deflation and tariffs that threaten to block trade. Chinese workers will be the biggest casualties.

China now faces U.S. tariffs of up to 245%, the White House said last night as it unveiled a probe into critical minerals. But that total appears to apply only to two types of goods—electric vehicles and syringes—and isn’t new.