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. tariff 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%.
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