China raises tariffs on US goods to 125% as Trump's trade war heats up
by Danielle de Wolfe · LBCBy Danielle de Wolfe
China has raised tariffs on the United States to 125% in response to Donald Trump's trade war between Washington and Beijing.
Listen to this article
Loading audio...
Beijing initially announced an import tax of 84% on US goods, an increase of 50% from previous levies, with the new figure of 125% to face-down Trump's tariff increase on the Asian nation.
It comes after the United States confirmed it would slap 145% on Chinese goods earlier this week.
China's commerce ministry accused Washington of violating international economic and trade rules on Friday, adding the US was also devoid of "common sense".
It added the US should take responsibility for "serious shocks and violent turbulence" facing global financial markets.
Read more: ‘Too much, too soon’ – Nigel Farage likens Donald Trump’s tariffs to Liz Truss’s economic policies
Read more: UK economy grew by 0.5 per cent in February surpassing predictions
"This is only a small symbolic step and has not changed the nature of the United States seeking private interests through trade blackmail," China's Commerce Ministry said on Friday.
"China urges the United States to take a big step in cancelling the so-called "reciprocal tariffs" and thoroughly correct its wrong practices."
If the US insists on continuing its trade war, Beijing will take countermeasures and "fight to the end", the ministry said.
"The US's imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense, and is completely a unilateral bullying and coercion," the ministry added.
Speaking on the subject prior to the increase, Trump remained defiant, telling critics "I know what the hell I’m doing” in response to market turmoil.
Global markets are currently facing an uncertain time as - as Democrats pledged to investigate Trump over claims of market manipulation.
Trump announced a “pause” on tariffs for a 90 day period - with international markets temporarily rebounding following the news.
However, it led many to speculate whether the move was a means of market manipulation, after Trump posted a message to his platform Truth Social prior to the announcement, labelling it a "great time" to "buy".
Shortly after US markets opened on Wednesday morning, Donald Trump typed: “THIS IS A GREAT TIME TO BUY!!! DJT”.
Many pointed out that DJT was the stock signature of Trump's own company.
But less than four hours later, he announced a 90-day pause on additional trade tariffs globally - except for China, leading markets around the world to surge.