00:00China will raise tariffs on U.S. goods to 125 percent, up from 84 percent, taking effect on
00:08Saturday, but said it won't go any higher, according to Beijing on Friday. The tariffs
00:14come in retaliation to the U.S. decision to hike levies to a total of 145 percent on imported goods
00:22from China. In a statement, the Chinese finance ministry said even if the U.S. continues to
00:28impose higher tariffs, it will no longer make economic sense and will become a joke in the
00:34history of the world economy. It added that China will fight to the end. The American S&P 500 and
00:41Dow Jones stock markets dropped following the news, adding to a week of ups and downs. The dollar also
00:48fell nearly two percent against the euro after China's announcement. Earlier this week, Trump
00:53paused the majority of tariffs for a period of 90 days.
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