President Donald Trump insisted Friday that his tariff policy was "doing really well" despite China hiking levies on US goods to 125 percent in the spiraling trade war between the world's two biggest economies.

World War Fee: Middle Kingdom retaliates against White House's 'instrument and weapon to bully and coerce'

China raised its tariff on U.S. imports to 125% on Friday in retaliation for President Donald Trump’s latest tariff increase.

Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against President Donald Trump's decision to hike duties on Chinese goods and raising the stakes in a trade war that threatens to upend global supply chains. U.S. markets churned as China's retaliation intensified global economic turmoil unleashed…

Trump's remarks came just hours after Beijing upped tariffs on US imports to 125 per cent, retaliating against the Trump administration’s decision to impose steep new duties on Chinese goods. The tit-for-tat escalation has sent shockwaves through global markets.

In the latest trade back-and-forth, China has surged its tariff rate on US goods from 84% to 125%, at the same time saying it won't negotiate if the U.S. continues to engage in "trade blackmail."

Apple's stock has regained some of its losses after the announcement of a 90-day pause on some new tariffs, while the tariff on imports from China to the U.S. has been jacked up to 125%.