China has raised tariffs on U.S. goods to 125% in response to President Trump’s recent hike of duties on Chinese imports to 145%, further intensifying the ongoing trade war. Beijing criticized the U.S. move as a violation of international trade norms and labeled it as unilateral and coercive. The new Chinese tariffs will take effect on Saturday. Meanwhile, Germany’s Finance Minister Joerg Kukies stated that the European Union is in a favorable position to negotiate with the U.S. but warned that alternative measures pump may be considered if fair terms aren't reached.

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