Commentary: How a trade war's fallout spreads

The trade spat between the U.S. and China over the last two weeks now seems headed toward a new phase, which could prove to be far more dangerous for the global economy.

The recent shifts roiling global markets began with President Trump tweeting on Aug. 1 that the U.S. would impose an additional 10% tariff on $300 billion in Chinese exports, starting Sept. 1. On Tuesday, the administration announced a delay on tariffs on some consumer goods until Dec. 15. But that may not be enough to alleviate the anxiety