China hits back with 125% tariffs on US goods

Beijing: Trade tensions soared as China raised tariffs on US goods to 125%, hours after Donald Trump hiked duties on Chinese imports to 145%, excluding Beijing from a broader tariff pause. China on Friday announced an increase in tariffs on US goods from 84 per cent to 125 per cent, shortly after President Donald Trump unveiled a steep hike in duties on Chinese imports, raising them to a staggering 145 per cent.

However, it also noted that it would not retaliate any further.

"The US imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion," news agency Reuters quoted the Chinese finance ministry as saying.