10 things you need to know today: May 10, 2019

Trump hikes tariffs on $200 billion worth of Chinese imports, the U.S. seizes a "sanctions-busting" North Korean cargo ship, and more

Chinese Vice Premier Liu He.
(Image credit: Getty Images)

1. Trump doubles tariffs on $200 billion of Chinese goods

President Trump hiked tariffs on $200 billion worth of Chinese goods early Friday, escalating his trade war with China. Beijing said it would respond in kind to the increase of U.S. tariffs from 10 percent to 25 percent. "China expresses deep regret over the development and will have to take necessary countermeasures," China's Ministry of Commerce said in a statement. "We hope the United States will meet us halfway." The two sides are meeting in Washington for a second day of talks in the latest round of negotiations seeking a trade deal. The world's two largest economies were close to an agreement until last weekend, when China called for changes to a draft accord. "We were getting very close to a deal then they started to renegotiate the deal," said Trump, who is threatening to hike tariffs on another $325 billion worth of Chinese goods. "We can't have that."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.