President Trump recently slapped tariffs on another $200 billion worth of Chinese goods. The aim is to level the playing field with China on trade. U.S. administrations have been trying to do this for decades, often preferring a multilateral approach. Trump's trade war is simply an attempt to reach the same goal using a different means. The problem with trade wars is that they're unpredictable, and they inflict pain on everyone involved. Today, Cardiff talks with Peterson Institute economist Chad Bown about the status of our trade dispute with China; who's feeling the most pain right now; how much ammunition each side has; and what a sustained trade fight might end up doing to both sides.