China Raises Tariffs on US Imports To 125%

China responded to President Trump's tariffs on Friday, raising its own tariffs on American goods to 125%, from 84%. The New York Times: The announcement by China's State Council came after Trump administration officials clarified on Thursday that China was now facing a minimum tariff rate of 145% on all exports to United States. China said its new tariffs will take effect on Saturday. China said it plans to ignore any further increases announced by Washington from here. Bloomberg: In a statement following China's retaliatory move, the Commerce Ministry said Washington's repeated use of excessively high tariffs has become little more than a numbers game -- economically meaningless and revealing its use of tariffs as a tool for bullying and coercion. 'It's become a joke,' the ministry said. CNN: The trade war between the world's two economic superpowers has tanked international markets and fueled fears of a global recession.

'There are no winners in a trade war, and going against the world will only lead to self-isolation,' [Chinese leader] Xi Jinping told Spanish Prime Minister Pedro Sanchez in Beijing on Friday, according to state broadcaster CCTV.

'For over 70 years, China's development has relied on self-reliance and hard work -- never on handouts from others, and it is not afraid of any unjust suppression,' Xi added.

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