The first battles have now been fought in the new North American trade war. President Donald Trump came out on top. Companies that make things across multiple borders are still holding their collective breath.

This episode was produced by Victoria Chamberlin and Miles Bryan, edited by Jolie Myers, fact-checked by Laura Bullard and Peter Balonon-Rosen, engineered by Patrick Boyd and Andrea Kristinsdottir, and hosted by Noel King.

Transcript at vox.com/today-explained-podcast

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The Canadian, Mexican and Chinese flags displayed. Multiple exposure illustration photo by Jakub Porzycki/NurPhoto via Getty Images.

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