President Donald Trump boosted tariffs Friday on $200 billion in goods from China and was preparing more in his most dramatic steps yet to extract trade concessions, further roiling financial markets and casting a shadow over the global economy. China immediately said in a statement it is forced to retaliate, though hadn’t specified how as of 3:55 p.m. in Beijing. The move came after discussions between President Xi Jinping’s top trade envoy and his U.S. counterparts in Washington made little progress on Thursday, with the mood around them downbeat, according to people familiar with the talks. The negotiations were due to resume on Friday morning Washington time.
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