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.

The World Trade Organization said China submitted a request for consultations with the U.S. on the tariffs. China said the duties are discriminatory.

After a 10 percent tariff on Chinese products took effect on Tuesday, China announced retaliatory measures, including tariffs and an investigation of Google.

The tariffs have also provoked political tension, including retaliation from China, which responded to Trump's move with tariffs on US goods and an anti-monopoly probe of Google, among other measures. The speed with which China filed its complaint with the WTO is an indication of Beijing's readiness for the trade fight.

China alleges that the tariffs are based on unfounded and false allegations, and are in excess of the U.S.’s bound rates in a tariff agreement from 1994.

Beijing hit back with its own tariffs and export restrictions after being subjected to levies by President Trump. Trade experts said China appeared to aim for minimal short-term harm while showing the range of its possible responses.

Homes – the most expensive item most Americans ever buy – are about to get even pricier if the Trump administration’s proposed tariffs take effect. An analysis from John Burns Research and Consulting,

China filed a World Trade Organization complaint on Wednesday against U.S. President Donald Trump's new 10% tariff on Chinese imports and his cancellation of a duty-free exemption for low-value packages,