After many months of threats, the US has imposed 10% tariffs on all Chinese goods coming into the country. Helen Qiao, chief economist for Greater China at Bank of America, joins John Lee and Katia Dmitrieva to gauge the impact in the world's second largest economy and what could lay ahead.

Amid warnings of price increases, Canada moved quickly to retaliate, China said it had planned countermeasures and Mexico said it would soon unveil its response.

The move likely will trigger retaliation and risk igniting a trade war that could cause broad economic disruption for all countries involved.