China raises tariffs on US to 125% to match Trump’s rate

China increased its tariff on U.S. goods to 125% on Friday in a retaliatory measure against President Donald Trump’s 145% tariffs against China. 

China’s latest levy goes into effect on April 12. It comes after the Asian country raised tariffs on U.S. exports to 84% on Wednesday in response to Trump slapping Beijing with a 104% tariff that same day. With China being the third-largest export market in 2023 for the United States, the tariff will affect roughly $145 billion worth of American exports, particularly agricultural products such as oilseeds and grains, as well as oil and gas.