China on Friday escalated tariffs on imports from the United States to 125 percent, in response to U.S. President Donald Trump’s punishing regime against Chinese goods.
Beijing’s finance ministry said that the U.S. was threatening to become a laughing stock as it jacked up tariffs on Chinese goods higher and higher to 145 percent earlier this week.
“Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” the finance ministry said.
“At the current tariff level, there is no market acceptance for U.S. goods exported to China,” Beijing economic mandarins added. “If the U.S. continues to play the tariff numbers game, China will ignore it. However, if the U.S. insists on continuing to substantially infringe on China’s interests, China will resolutely counterattack and fight to the end.”
This story is being updated.