“President Trump escalated his trade war with China on Friday morning, raising tariffs on $200 billion worth of Chinese goods and taking steps to tax nearly all of China’s imports as punishment for what he said was Beijing’s attempt to ‘renegotiate’ a trade deal,” the New York Times reports.
“Mr. Trump’s decision to proceed with the tariff increase came after a pivotal round of trade talks in Washington on Thursday night failed to produce an agreement to forestall the higher levies. The White House said talks would resume again on Friday but it remains uncertain whether the two sides can bridge the differences that have arisen over the past week. … In a statement on Friday, China’s Ministry of Commerce said that the government ‘deeply regrets that it will have to take necessary countermeasures.’ It didn’t specify what those countermeasures might be.”
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