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May 14, 2019

U.S.-China Trade War Ramps Up as China Retaliates with Raised Tariffs
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China announced Monday plans to raise tariffs on $60 billion worth of
U.S. goods starting June 1. The announcement came after the two nations
failed to reach a deal as trade negotiations closed last Friday and as
Trump followed through on his threat to hike tariffs on $200 billion of
Chinese imports. Trump also says he plans to raise tariffs on the $325
billion worth of remaining Chinese imports. The stock market tumbled
following the news, with the Dow dropping over 600 points Monday.
Trump told reporters Monday he would use some of the expected tariff
revenue to help subsidize farmers, saying, "They can sell for less and
make as much money until it's straightened out. Our farmers will be
happy." Economists and Trump's own economic adviser Larry Kudlow have
refuted Trump's claims that China will bear the economic brunt of the
increased tariffs, saying U.S. consumers will in fact suffer the most.


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