China Raises Tariffs on U.S. Goods to 125%

“Beijing punched back with its own tariffs of 125 percent on all U.S. goods on Friday in response to President Donald Trump’s tariff increases, sharply escalating the spiraling trade tensions between the U.S. and China,” the Washington Post reports.

“The response underscored China’s decision to stand firm in the face of pressure from Washington, and deepened the showdown between the world’s two largest economies.”

From a statement: “If the U.S. insists on substantively damaging China’s interests, China will firmly retaliate and fight to the end.”

Wall Street Journal: “The gloves are off. The next chapter of U.S.-China decoupling has begun. The pain will be felt everywhere.”