Economy & Trade

US tariff hike takes effect, China vows retaliation

President TrumpDonald John TrumpTrump rips Comey after CNN town hall: 'He brought the FBI down' White House says US, China trade talks to continue Friday Giuliani traveling to Ukraine to push for probes that could be 'very helpful' to Trump MORE just after midnight made good on his threat to hike tariffs on Chinese goods, escalating a trade war between the world's two largest economies.

U.S. Customs and Border Protection raised duties from 10 percent to 25 percent on $200 billion worth of imports from China despite Chinese negotiators beginning talks in Washington on Thursday.

China’s Commerce Ministry said it “deeply regrets” the U.S. decision, according to a Reuters report, and said that Beijing would take necessary countermeasures.

The increase took effect despite negotiations by Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday.

The trio was expected to continue talks on Friday in an attempt to rescue a deal that could end a 10-month trade war that has roiled global markets.

The Chinese Commerce Ministry said negotiations were continuing and it “hopes the United States can meet China halfway, make joint efforts, and resolve the issue through cooperation and consultation.”

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