US-China Trade War Heats Up | China's 125% Tariff Counters Trump's 145% Move

China on Friday said it would raise tariffs on US goods to 125 per cent from 84 per cent, hours after President Xi Jinping urged the European Union to join hands with Beijing in resisting "unilateral bullying", referring to the massive tariffs imposed by President Donald Trump. The new levy, which will come into effect on Saturday, was announced after Trump this week raised the tariffs for China to 145 per cent, further escalating the ongoing trade war between the world's top two economies. The Chinese finance ministry said further action by the US will be ignored because "at the current tariff level, there is no possibility of market acceptance for US goods exported to China".