China announced Saturday that it will raise tariffs on US goods from 84% to 125% — the latest salvo in an escalating trade war between the world’s two largest economies that has rattled markets and raised fears of a global slowdown.
While US President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%. China has denounced the policy as “economic bullying” and promised countermeasures. The new tariffs begin Sunday.
Washington’s repeated raising of tariffs “will become a joke in the history of the world economy”, a Chinese Finance Ministry spokesman said in a statement announcing the new tariffs. “However, if the…