Investing.com - China has raised its import tariffs on U.S. goods to 125% in retaliation to a recent hike in levies imposed by President Donald Trump.
The duty is an increase from 84% announced by Beijing on Wednesday, and is the latest escalation in an intensifying trade war between the U.S. and China. It will take effect from Saturday, Beijing said.
"The U.S. 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," China's Finance Ministry said in a statement quoted by Reuters.
On Thursday, Trump said he had hiked tariffs on Chinese imports by a total of 145% since the start of his second term in power.
The president had previously said he would increase levies on the world's second biggest economy to 125% in response to retaliatory measures from Beijing.
However, the White House later explained that the 125% is on top of a 20% tariff Trump had already slapped on China for its alleged role in the supply of the illicit drug fentanyl to the U.S.
U.S. stock futures hovered below the flatline on Friday, erasing earlier gains.