China has increased the tariffs on goods imported from the United States from 84 percent to 125 percent.
The Chinese commerce ministry announced the increase this Friday, saying the hike, which takes effect from Saturday, is in reaction to the United States tariffs against China.
China accused United States President Donald Trump of unleashing turbulence in the global market with his tariffs, saying the United States should bear full responsibility for the chaos.
China also says it will ignore further tariff hikes by Trump, as it no longer makes economic sense for importers to buy from America with the new 125% hike.