A Bloomberg report says President Donald Trump is threatening to put a tariff on every single import from China. The world’s two largest economies exchanged blows in a trade war that isn’t expected to end anytime in the near future. After months of trade rhetoric back and forth, a 25 percent tariff took effect on $34 billion Chinese goods entering the U.S. just after midnight, Washington time, on Friday. Farm equipment and airplane parts are just a couple of the many items targeted by the duties. China immediately hit back with duties on U.S. shipments, including soybeans and automobiles. Neither side appears to want to back down, either. Trump is already eyeing another $16 billion in tariffs and says the overall total could reach up to $500 billion. China’s Commerce Ministry is accusing the U.S. of “bullying” and igniting the “largest trade war in history.” Bloomberg says there is a risk that a spiraling conflict will undermine economic growth and inflict higher prices on both consumers and companies. The Federal Reserve has already noted that some firms have been slowing investments.