Boise (670 KBOI News) – The trade war is on, as China announces it’s responding to tariff hikes by the US with increased tariffs of its own.

Idaho’s Money Show host Brian Wiley tells 670 KBOI’s Nate Shelman there’s a lot riding on the trade war, considering tariffs in the 1920s led to the Great Depression.

“This one’s weird, because in essence we’re now fighting our own allies, kind of again, like we were then, but we’re not actually tariffing them” said Wiley.  “So there are a lot of similarities.  If this isn’t done right, then yes, this could be an absolute economic disaster, for the world really.”

Wiley said he can’t imagine the war will last much longer than the end of the year, if even that long, because President Trump won’t want to head into an election year with a trade war to answer for.

He says if you’re worried about your investments, and think you might want to change how your money’s allocated, do it now, because procrastination kills portfolios.