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Trade war escalates as China announces tariffs on US imports

China has announced retaliatory tax increases on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals.

The increases are in response to the U.S. announcing it will impose tariffs on $200 billion worth of Chinese-made goods starting next week. The tariffs will start at 10 percent, then rise to 25 percent on Jan. 1.

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