China Raises Its Tariffs On US Goods To 125%

The New York Times reports:

China on Friday said it was raising its tariffs on American goods to 125 percent, from 84 percent, retaliating for the third time in the escalating trade war between the two superpowers. The announcement by the State Council, China’s cabinet, came after Trump administration officials clarified on Thursday that Chinese goods imported to the United States now face a minimum tariff rate of 145 percent. China said its new tariffs would take effect on Saturday.

On Friday, China’s top leader, Xi Jinping, spoke publicly about tariffs for the first time. “There are no winners in a tariff war and going against the world will only result in self-isolation,” he said. The Trump administration’s approach to China was a “numbers game which has no practical significance on economics,” a spokesperson for China’s Ministry of Commerce said at news conference on Friday. “It’s become a joke,” said the spokesperson.

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