China responds to Trump's retaliation, imposes 125 % tariff on US products

BEIJING: China announced to raise tariffs on US products from 84% to 125%, shortly after President Donald Trump sharply increased tariffs on Chinese imports to 145%. The report related to this was released on Friday.

The US action to impose unusually high tariffs on China seriously violates international, economic and trade rules and basic economic laws and is a completely unilateral threat, Reuters reported, citing the Chinese Ministry of Economy. The ministry said that if the US decides to continue its strong encroachment on China's interests, it will take countermeasures and fight to the end.

Earlier, China had raised import tariffs on American products from 34% to 84%. Following this, the US increased import tariffs against China to 125%. The 104% tariff announced by Donald Trump had come into effect. Trump had given an ultimatum that there would be severe measures against China if the tariffs were not withdrawn. Along with this, China added 12 American companies to its export control list. With this, stocks around the world faced a sharp decline. Gold prices soared. Crude oil prices also nosedived.