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China fires back with more tariffs

by Lynde Langdon
Posted 5/13/19, 11:13 am

China on Monday announced retaliatory tariff increases on $60 billion worth of U.S. goods. The trade war between the two countries entered a new phase as negotiations broke down last week and President Donald Trump said he would raise tariffs from 10 percent to 25 percent on $200 billion in Chinese exports. The United States blames China for trying to renegotiate already-agreed-upon parts of a trade pact.

“You had a great deal, almost completed, & you backed out!” Trump said Monday in a tweet addressed to Chinese President Xi Jinping and “all of my many friends in China.”

Global stock markets entered a slump last week that continued Monday. Major stock indexes in the United States all fell between 2 percent and 3 percent last week, and the Dow Jones Industrial Average dropped by 584 points on opening Monday. U.S.-China trade talks are expected to continue, and Trump and Xi will likely meet at the G-20 summit in Japan next month.

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Lynde Langdon

Lynde is a WORLD Digital’s managing editor and reports on popular and fine arts. She lives in Wichita, Kan., with her husband and two daughters. Follow Lynde on Twitter @lmlangdon.

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  • news2me
    Posted: Mon, 05/13/2019 07:28 pm

    It's time to cut China off and begin making our own stuff again. I'm tired of all the junk they call electronics, like microwave ovens. We need to get back to NOT being a throwaway nation. The trash pile continues to grow.