China raises tariffs on US imports to 125%

China announced on Friday that it will raise tariffs on US goods from 84% to 125% — 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.

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 US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end," he added.