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Tipsheet

US Raises Tariffs on Chinese Goods. China Vows to Retaliate.

AP Photo/Andy Wong, File

While talks between the United States and China will continue Friday, the U.S. moved forward with hiking tariffs on $200 billion in Chinese goods.
 

“This evening, Ambassador Lightizer and Secretary Mnuchin met with President Trump to discuss the ongoing trade negotiations with China," White House deputy press secretary Judd Deere said in a statement. “The Ambassador and Secretary then had a working dinner with Vice Premier Liu He, and agreed to continue discussions tomorrow morning at USTR." 

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The new tariffs, which kicked in at 12:01 a.m. on Friday, will raise the import taxes from 10 percent to 25 percent.

China vowed to take “necessary countermeasures,” expressing “deep regret over the development.”

"We hope the United States will meet us halfway, and work with us to resolve existing issues through cooperation and consultation," China's Ministry of Commerce said in a statement. 

There were no specifics on what China’s retaliatory measures will include. 

The bulk of goods facing increase tariffs are items such as circuit boards, vehicle parts and machinery, according to the Wall Street Journal. The proposed tariffs on the reminder of Chinese imports – the $200 billion worth of goods – would no doubt affect consumers. Those goods include iPhones, laptops, clothing and other everyday products. (FoxNews.com)

Over the weekend Trump said a deal was within reach but then China started renegotiating. 

“We can’t have that,” he said. “[W]e’re going to make either a real deal, or we’re not going to make a deal at all. And if we don’t make a deal we’re going to tariff China, and that’ll be fine. We’ll -- frankly we’ll make a lot of money."

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Trump commented on the tariffs Friday morning in a series of tweets. 

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