In the U.S.: As expected, the US started to impose additional 25% tariffs on 279 Chinese import products worth $16B, which includes semiconductors, chemicals, and plastics. China quickly retaliated with its own new tariffs on $16B worth of imports from the US, including fuel, steel products, autos and medical equipment. Fed Chairman Jerome Powell stated that the current path of gradual rate hikes is likely appropriate if strong economic growth continues. He added that the economy is “strong” and can handle more normalization of policy. REIT Focus: Pebblebrook Hotel Trust (PEB) increased the terms of their offer for Lasalle Hotel Properties (LHO). The new proposal increases the number of LHO shares that can receive cash to 30%, a 50% increase