The wild week on Wall Street ended on a higher note today.

The Dow Jones Industrial average climbed back above 40,000, while the NASDAQ shot up by more than 2%.

The S&P 500 rallied as well by almost 2%.

For a closer look now at how these tariffs are already impacting the U.S. and global economies,

were joined tonight by Mary Lovely, a senior fellow

who studies tariffs at the nonpartisan Peterson Institute for International Economics.

Mary, thanks for being here.

It's my pleasure.

So let's just begin with the latest retaliation from Beijing, raising tariffs on U.S. imports

to 125 percent.

What companies and industries here will feel that, and what

are the potential ripple effects of that?

Well, obviously, it's going to be our export sectors and our exporters.

Agriculture, soybeans, the chicken industry, we sell a lot of chicken to China.

Advanced machinery will feel it.

So all of these exports are now reaching prohibitive rates, which means that they'll have to turn to somebody else, just as they did during the first trade war.

But at these much, much higher rates, the first time rates

went up to maximum about 25 percent on some goods, and now, as you heard today, were over

100 percent.

I mean, for like the semiconductor business, for example, we know the tariff hurt that industry

as well, targets that industry. China, my understanding, has imports some $10 billion

in semiconductor chips from the US every year.

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