China said on Friday that it raised tariffs on U.S. goods from 84% to 125%, the latest development in the escalating trade war between the two countries. It said higher tariffs will take effect on Saturday.
A statement issued by China's Ministry of Commerce said: “The U.S. imposes unusually high tariffs on China seriously violate international economic and trade rules, basic economic laws and common sense, which is completely a unilateral bullying and coercion.”
President Trump's general tariffs on China now amount to 145%. The Associated Press said Mr. Trump did not include the 20% tariff related to the country's role in fentanyl production in the news announced on Wednesday.
China's Commerce Ministry also said on Friday that it had filed a complaint against U.S. tariffs to the World Trade Organization, Reuters reported.
According to Reuters, Chinese missionaries said: “On April 10, the United States issued an executive order announcing further increase in the so-called 'mutual tariff' of Chinese products.
After initial marginal gains, three major European stock indexes fell after China's announcement.
“The risk of recession is much higher now than it was a few weeks ago,” Adam Hetts, global head of Janus Henderson, told Reuters.
