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China announces tariff hike on $75 billion of US products, Trump increases tariffs

This April 23, 2017, photo released by Xinhua News Agency, shows a container dock of Yangshan Port in Shanghai, east China. U.S. President Donald Trump's latest tariff hikes on Chinese goods took effect Friday, May 10, 2019 and Beijing said it would retaliate, escalating tensions in fight over China's technology ambitions and other trade strains. Photo: AP/ Ding Ting
This April 23, 2017, photo released by Xinhua News Agency, shows a container dock of Yangshan Port in Shanghai, east China. U.S. President Donald Trump's latest tariff hikes on Chinese goods took effect Friday, May 10, 2019 and Beijing said it would retaliate, escalating tensions in fight over China's technology ambitions and other trade strains.

Updated: August 23, 2019 04:23 PM

President Donald Trump says products coming from China that were slated to be hit with a 10% tariff on Sept. 1 will now face a 15% tariff.

Trump also said goods and products currently being taxed at 25% will be taxed at 30% starting Oct. 1.

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It comes after China announced earlier Friday that it will raise tariffs on $75 billion of U.S. products in retaliation for President Trump's planned Sept. 1 duty increase in a war over trade and technology policy.

Markets tumble on growing tariffs rift between US, China

The official Xinhua News Agency said Friday the tariffs of 10% and 5% take effect on two batches of goods Sept. 1 and Dec. 15 but gave no details on what imports would be affected.

Trump previously announced plans to raise tariffs on an additional $300 billion of Chinese imports on Sept. 1 but postponed a portion of that to Dec. 15.

Trump, G-7 leaders to open summit focused on world economy

China's government appealed to Trump this week to compromise in deadlocked talks aimed at settling the dispute that has battered exporters on both sides and threatens to tip the global economy into recession.

The Dow Jones Industrial Average dropped 623 points Friday as companies and business groups urged the two countries to get to the negotiating table.

Markets shudder as trade tensions flare

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Credits

The Associated Press

(Copyright 2019 by The Associated Press. All Rights Reserved.)

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