China Strikes Back with 125% Additional Tariffs on US Goods in Tit-for-Tat Trade War Move

China Strikes Back with 125% Additional Tariffs on US Goods: On Friday, the finance ministry of China unveiled a rise in tariffs for US goods from 84 per cent to 125 per cent.

"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," the Chinese finance ministry was quoted by Reuters as saying.

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“If the US insists on continuing to infringe upon China's interests in a substantive way, China will resolutely take countermeasures and fight to the end,” the ministry said.

“If the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it,” the Chinese finance ministry added.

The previous day, Chinese president Xi Jinping beseeched the European Union to stand shoulder to shoulder with Beijing in resisting "unilateral bullying" bereft of using U.S. President Donald Trump's tariff siege upon the world to cause havoc to world markets.

"China and Europe should fulfil their international responsibilities... and jointly resist unilateral bullying practices," AFP quoted the Chinese leader as saying.

Trump's general tariffs against China are at 145%. When the US President announced Wednesday that the tariffs applying to China would be at 125%, he made no mention of a further 20% tied to Beijing's role in production of fentanyl.

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The latest boost comes after Beijing late Wednesday announced an 84% tariff on all imports from the US. That was after Trump raised duties on Chinese imports to 104% at the earlier date.

Chinese authorities on Tuesday promised to "fight to the end" against Trump's tariffs, while signaling willingness to talk with the US. They also stepped up efforts to prop up stocks, with some state-backed funds purchasing equities and exchange-traded funds.

This notwithstanding, the equity market of China remained strong as much as it could, but rapidly deteriorating relations between the two countries may also prompt investors abroad to reduce their holdings in such countries.

According to Bloomberg, three of the largest US-listed exchange-traded funds tracking Chinese stocks had seen a sharper decline in sales from these traders as they poured nearly $1 billion worth of shares in a mere single day.

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