US imposing new $200b tariffs on Chinese goods

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US imposing new $200b tariffs on Chinese goods

United States is imposing new tariff on two hundred billion dollars worth of Chinese goods escalating a trade war with Beijing.

The taxes took effect from Monday, starting at 10% and increasing to 25% from the start of next year.

In a statement announcing the new round of tariffs, U.S. President Donald Trump warned if China takes retaliatory action we will immediately pursue phase three, which is tariffs on approximately 267 billion dollars of additional imports.