China fires back in trade war, raising tariffs on US goods to 125%

China has announced countermeasures, raising tariffs on US goods from 84 percent to 125 percent starting on Saturday.

“China will lift the additional tariffs on products imported from the US to 125 percent from 84 percent, effective from April 12,” said the State Council Customs Tariff Commission on Friday.

“Given that there is no longer any possibility of market acceptance for US goods exported to China under the current tariff levels, if the US side subsequently continues to impose tariffs on Chinese goods exported to the US, the Chinese side will pay no attention to it,” the commission added.

The tariff war initiated by the US President Donald Trump has rocked global markets. He has raised tariffs on Chinese goods to 145 percent, claiming Beijing was “abusing” trade practices with the US.

Neither of the world’s top two economies has backed down and there is no immediate relief in sight.

However, Beijing’s announcement that it will not “pay attention” to any further hike in US tariffs indicates China has paused any further action its side.

China has also filed a fresh lawsuit with the World Trade Organization against the Trump administration's latest tariff hikes, according to the country's Commerce Ministry.

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Source: TRT