Xi Denounces 'Unilateral Bullying' as China Raises US Tariffs to 125%

China on Friday upped its additional tariff on US goods to 125%, retaliating to America's 145% levy even as President Xi Jinping urged the European Union to "jointly resist the unilateral bullying" by Washington.

- Agencies

BEIJING:

China raising tariffs on US goods from 84% to 125% is 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 US President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%. China has denounced the policy as "economic bullying" and promised countermeasures. The new tariffs begin on Saturday.

"There are no winners in a tariff war," Chinese leader Xi Jinping said during a meeting with the Spanish Prime Minister Pedro Sanchez, according to a readout from state broadcaster CCTV. "For more than 70 years, China has always relied on itself...and hard work for development, never relying on favors from anyone, and not fearing any unreasonable suppression."

Washington's repeated raising 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."

$650bn bilateral trade