The world’s two largest economies appear locked in a tit-for-tat tariff escalation as Beijing announces a massive new levy on US imports. Markets continue to be rattled amid the global economic uncertainty. China said it would impose a 125% tariff on US goods starting Saturday, up from the previous 84%, the Finance Ministry announced on Friday. "The US’s imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense," Beijing’s State Council Tariff Commission said in a Finance Ministry statement, adding that the new levy comes into effect on Saturday. The move follows US President Donald Trump’s decision to raise duties on Chinese goods to 145%, ratcheting up a trade war that threatens to upend global supply chains. The White House has kept the pressure on the world’s second-largest economy and second-biggest provider of US imports by singling it out for an additional tariff increase, having suspended most of the so-called "reciprocal" duties imposed on dozens of other countries. The US duties on Chinese products have "become a numbers game with no practical significance in economics", a spokesperson for Beijing’s commerce ministry said. "It will only further expose the United States’s… bullying and coercion. It will become a joke."
00:00 US China tariff dispute: Latest developments
02:10 How does China react to Trump’s latest moves
05:15 Europe pauses retaliatory tariffs
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