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Early on Friday, China said it would put into place tariffs on $75 billion in U.S. products in retaliation for the Trump administration's latest planned tariff hikes.

The Latest: Trump defends ordering companies to leave China →

Shortly before he spoke, China announced retaliatory tariffs on $75 billion worth of U.S. goods to take effect in September and December.

Fed's Powell says central bank will support expansion, but stops short of signaling more rate cuts →

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