Global markets could turn volatile as investors realize there are no winners from a trade war between the two largest economies that is more disruptive than before.

A trade war is coming. President-elect Donald Trump this week said he would open his presidency by inflicting new tariffs on imports from Canada, Mexico and China. The U.S.-China battle over trade could have the biggest geopolitical impact. It's not clear which side would come out the winner.

China deploys new measures in the trade war with the United States. The introduction of export restrictions on dual-use products related to gallium, germanium, antimony, and super-hard materials may be just the beginning of a broader conflict over rare earth elements.

Faltering U.S. industrial leadership has allowed China to take a harder trade stance as President-elect Donald Trump prepares to take office.