China said Friday that it was raising tariffs on U.S. goods from 84% to 125%, the latest development in the escalating trade war between the two countries. It said the higher tariffs would take effect on Saturday. "The U.S.' arbitrary imposition of abnormally high tariffs on China seriously violates international economic and trade rules, disregards the post-World War II global economic order built by the U.S. itself, and violates basic economic laws and common sense," a statement put out by China's Commerce Ministry announcing the tariffs said.
China announced countermeasures by raising tariffs on U.S. goods from 84% to 125% starting Saturday. The U.S. and China have escalated a new trade war by raising tariffs even as U.S. President Donald Trump hit a pause on tariffs for other countries. China notably had said it would fight the American tariffs with its own countermeasures, calling Trump’s actions “economic bullying,” which led Trump to retaliate by continuously hiking up tariffs this week. Trump’s universal tariffs on China total 145%. When Trump announced Wednesday that China faced 125% tariffs, he did not include a 20% tariff on China tied to its role in fentanyl production.
China will raise its tariffs against the U.S. to 125% from Saturday in the latest escalation in the burgeoning trade war, the finance ministry announced today. The new duties are a significant climb from the 84% announced on Wednesday, rising to meet the current U.S. tariffs imposed on Chinese goods. Beijing said that the U.S. tariffs against China defy 'basic economic laws and common sense' after Donald Trump raised the rate on Chinese imports to 125%.
