The trade war between China and the United States has started. According to Reuters:

U.S. tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday, with Beijing saying it had no choice but to respond in kind, as the two trading giants escalated a bitter row.

Hours before Washington’s deadline for the tariffs to take effect, U.S. President Donald Trump upped the ante, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of U.S. imports from China last year.

The Federal Reserve remains positive on the U.S. economy. According to Reuters:

U.S. central bankers discussed whether recession lurked around the corner and expressed concerns global trade tensions could hit an economy that by most measures looked strong, minutes of the Federal Reserve’s last policy meeting on June 12-13 released on Thursday showed.

The minutes, which described a meeting in which the Fed raised interest rates for the second time this year, also suggested policymakers might soon signal that the Fed’s rate-hiking cycle was advanced enough that policy was no longer boosting or constraining the economy.

Plans for one of the largest IPOs in history may come apart. According to The Wall Street Journal:

Preparations for the public listing of Saudi Arabia’s state oil company, a centerpiece of the government’s plan to open its economy, have stalled, leaving government officials and people close to the process doubting that it will go forward at all.

The initial public offering of Saudi Arabian Oil Co., better known as Aramco, was meant to be the cornerstone of the kingdom’s plan to be less reliant on oil. It would create the largest public company in the history of capital markets, an opportunity coveted by Wall Street’s biggest names.

The vacant stores of defunct retailer Toys “R” Us could have some new tenants. According to The Wall Street Journal:

Hobby Lobby Stores Inc., Burlington Stores Inc. and TJX Co. are among the retailers expected to fill the spaces vacated by defunct retailer Toys “R” Us Inc., according to one of the nation’s biggest owners of open-air shopping centers.

More than 700 Toys “R” Us stores in the U.S. closed their doors last week after the retailer abandoned its plan to reorganize in a chapter 11 bankruptcy case.

China telecom firm Xiaomi may have trouble with its IPO. CNBC reports:

Chinese smartphone maker Xiaomi is ready to put its business to the verdict of investors with an IPO in Hong Kong, but a disappointing pricing and a listing delay in mainland China are casting a cloud over its debut.

Xiaomi, established only in 2010, is now the world’s fourth-largest smartphone manufacturer by producing low-priced devices that have drawn comparisons — favorable and accusatory — to the iPhone.

Troubled movie subscriptions services provider MoviePass has added new charges. According to CNNMoney:

MoviePass subscribers might have to spend a little more money on their next trip to the theater.

The service, which lets customers see one movie a day for $10 a month, began rolling out surge pricing Thursday.

MoviePass told customers that its Peak Pricing model will trigger whenever there is a lot of demand for a movie or showtime. For example, a subscriber who wants to see a popular evening showing of the latest “Avengers” movie might be warned by the MoviePass app that he or she will have to pay a few extra dollars to book a ticket

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