China to increase tariffs on US goods to 125 per cent, up from 84 per cent

China will impose 125 per cent tariffs on US goods up from the 84 per cent previously announced, the finance ministry says. The new tariffs will start from Saturday, Chinese local time. China says US tariffs defy “basic economic laws and common sense”. US markets plunge again as White House confirms China tariff even higher Photo shows Donald Trump sits at a desk and gestures with his hands while speaking. US markets plunge again as optimism over President Donald Trump’s tariffs “pause” is overshadowed by his escalating trade war with China. In his first public comments about the US-China trade…