China Raises Tariffs on U.S. Imports to 125%

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 China was now facing a minimum tariff rate of 145 percent on all imports to United States.China said its new tariffs would take effect on Saturday.The world’s two biggest economies have been engaged in a fast-moving tit-for-tat that has seen the cost of trade soar over the past two weeks.On Friday, China’s top leader, Xi Jinping, spoke publicly about the tariffs for the first time since Washington and Beijing started hitting each other with progressively higher levies this month.“There are no winners in a tariff war,” he said.President Trump’s tariffs on goods shipped from China are now set at a minimum of 145 percent.Additional tariffs will be added to imports of steel and aluminum.China said the imposition of “abnormally high tariffs” violated international economic and trade rules and “goes against basic economic laws and common sense,” adding: “It is a completely unilateral, bullying and coercive act.”This is a developing story.

Check back for updates....