Trade war ramps up as China retaliates by raising tariffs on U.S. imports – National [Video]

China announced Friday that it will raise tariffs on U.S. goods from 84 per cent to 125 per cent — 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 U.S. President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145 per cent. China has denounced the policy as “economic bullying” and promised countermeasures.

The new tariffs begin Saturday.

Washington’s repeated jacking up 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 U.S. insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”

China’s Commerce Ministry said it would file another lawsuit with the World Trade Organization against the U.S. tariffs.

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