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I'm Jerry Willis, and this is the Fox Business Rundown.

Monday, February 10th, 2025. China's first retaliatory import taxes go into effect today on a wide range of U.S. goods, but the Trump administration has not signaled they will back down.

In fact, President Trump says he plans to levy more tariffs, this time

focusing on the EU. You can see that U.S. tariff on those same goods that they're trying to import

into our country would be something that we're trying to level the playing field. In response to the

Trump administration's 10% tariffs on all Chinese goods imported to the U.S., Beijing has responded with

tariffs of their own. Taking effect on Monday, many key U.S. exports to China have been slapped with

anywhere between 10 to 15% import taxes. A sign there will be no de-escalation in the trade war

between America and China.

And when it comes to international tariffs, the President says his work isn't done yet.

On Sunday night, he announced plans to tax the steel and aluminum imports at 25%, which

is reportedly angered EU trade partners who are now scrambling to craft a tit-for-tat economic consequence for the U.S.

And back domestically, President Trump has directed the Treasury to stop minting new pennies.

His administration, including Doge, has been searching for sources of government waste,

and they say the cost of making the penny has grown too expensive, and they believe

eliminating it could save our country millions in the long run. But first, we'll touch on some

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