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US, China Impose Retaliatory Tariffs

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The US Government has imposed new tariffs on certain Chinese products worth $125 billion.

This is part of the Trump administration's decision to impose a 15 percent tariff on the remaining $300 billion worth of Chinese imports by the end of this year.

The Chinese products subject to new U.S. tariff include footwear, smart watches, nappies, food, flat-panel televisions, smart speakers, Bluetooth headphones and clothing.

In retaliation, China imposed measures targeting $75 billion worth of U.S. goods, including 5 percent duty on crude oil imported from the United States.

Despite the escalation in a tit-for-tat trade war between the two economic giants, President Donald Trump said that there is no change in trade talks with China, scheduled for later this month.

"That hasn't changed. They haven't changed and we haven't. We'll see what happens," Trump said in a press conference Sunday.

"But we can't allow China to rip us off anymore as a country. We can't allow China to take $500 billion a year out of our country", he told reporters.

Although Trump claims that the punitive measures are intended to pressure China into changing its policies hazardous to the US economy, the cost of the additional tariffs on Chinese imports are passed on to U.S. consumers.

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