U.S. raises tariffs on China, escalating trade tension

President Donald Trump's administration on Friday raised U.S. tariffs on $200 billion of Chinese goods to 25 percent from 10 percent, in the biggest escalation yet in Washington's tit-for-tat trade war with Beijing.Immediately after the hike, China pledged to "take necessary countermeasures" -- a development that would further roil global financial markets and cast a shadow over the world economy. But the country has not specified what steps Beijing would implement."The Chinese side deeply regrets" the latest U.S. move, the Commerce Ministry said in a statement Friday, adding the government…READ FULL ARTICLE