00:00Beijing increased its tariffs on US imports to 125% on Friday, hinting that this will be the
00:08last retaliatory move against America's tariff policy. China's State Council Customs Tariff
00:14Commission said, given that there is no longer any possibility of market acceptance for US goods
00:19exported to China under the current tariff levels, if the US subsequently imposes tariffs on Chinese
00:24goods, China will pay no attention to it. On Wednesday, the Trump administration paused
00:32tariffs on most of the countries for 90 days, except for China, Mexico and Canada, following
00:37its announcement of reciprocal tariffs on nations importing US goods. The pause on the US tariffs
00:42will give countries more time to prepare their responses. The administration said some 75
00:46countries want to negotiate with the US on the tariffs. They said their tariff on China remains
00:51at 145% after a tit-for-tat increase from 34% set in the reciprocal tariff announcement.
00:57Look, the tariff rate on China remains where it was yesterday, at the 145% level. The president
01:04made it very clear when the United States is punched, he will punch back harder. And he
01:09hopes to make a deal that benefits the American worker and our companies that have been ripped
01:13off for far too long. And he's finally taking bold and courageous action to do that. You know,
01:18taking on China is, in the terms of trade and tariffs, is something that both Democrats and
01:24Republicans alike have spoken about for decades. President Trump is finally doing it.
01:28Trump said he is still hopeful that China will make a deal with the US on their tariffs.
01:32We're in an unbelievable economic position, which is where we should be.
01:37During a meeting with Chinese President Xi Jinping in Beijing, Spanish Prime Minister Pedro Sanchez
01:42said China and the US need to hold talks to defuse the tariff situation where Xi responded that they
01:48must defend globalisation and oppose unilateral bullying in an apparent reference to the US.
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