China and US Exchange New Round of Tariffs in Trade War

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Another set of tit-for-tat tariffs imposed by the United States and China on each other's goods took effect Monday.

A new round of U.S. imposed duties on $200 billion worth of Chinese goods, and a retaliatory set of tariffs imposed by Beijing on $60 billion worth of U.S. goods, took effect at 12:01 a.m. Washington time.

The new U.S. duties covers thousands of Chinese-made products, including electronics, food, tools and housewares. The new tariffs begin at 10 percent, then will rise to 25 percent on January 1, 2019. The Trump administration exempted numerous other items from the new tariffs, including smart watches, Bluetooth devices, and infant car seats.

In an interview with Fox News Sunday, Secretary of State Mike Pompeo promised the United States will be victorious in any trade war with China. "We are going to get an outcome which forces China to behave in a way that if you want to be a power, a global power ... you do not steal intellectual property," Pompeo said.