BREAKING NEWS: Trump announces tariffs on Chinese high-tech goods

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President Donald Trump announced Friday he will move forward with 25 percent tariffs on Chinese technology imports worth roughly $50 billion. The move ramps up trade tensions between the two countries. Beijing will respond in kind to the American tariffs, a Chinese government spokesman said Friday.

Imports facing tariffs will primarily be products containing "industrially significant technologies" and others related to the Made in China 2025 initiative, the president said in a statement.

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