China retaliates! Raises additional tariffs on US to 125%!!

Beijing: China on Friday raised its additional tariffs on imports from the US to 125 per cent in retaliation to the Trump administration's 145 per cent levies on Chinese exports.

The Chinese Commerce Ministry here said China raised additional tariffs to 125 per cent on imported US products, raising the levies from the previous 84 per cent.

China also filed a lawsuit with the WTO following the US tariff hikes, the commerce ministry said.

According to the latest US notification, the overall trade tariffs on China amounted to 145 per cent.

China earlier retaliated with 84 per cent levies and imposed restrictions on imports of some US films, expressing its interest in holding dialogue with Washington to resolve the issue.

China is the only country that has retaliated against Trump's tariffs.

The trade war with China erased Thursday’s gains in US markets. The S&P 500 lost 3.5 per cent, the Dow Jones Industrial Average lost 2.5 per cent, and the Nasdaq fell 4.3 per cent. Asian stock markets also opened lower. Japan's Nikkei lost 4.5 per cent. South Korea's Kospi index lost 1.7 per cent, and Hong Kong's Hang Seng lost 0.7 per cent, while Australia's ASX 200 lost 1.6 per cent.

It is learned that China had decided to seek the support of more countries in its fight against the United States on retaliatory tariffs. However, despite contacting many countries, they were not ready to come out directly against the United States. Trump announced the suspension of the retaliatory tariffs for 90 days yesterday in the wake of various countries approaching for talks.