China raises tariffs on U.S. goods to 125 percent as trade war deepens

China will raise the additional tariffs on products imported from the United States to 125 percent, effective from Saturday, the Customs Tariff Commission of the State Council announced Friday.

The announcement follows the U.S. move to raise the "reciprocal tariffs" on Chinese imports to 125 percent. The commission said the U.S. imposition of excessively high tariffs on China seriously violates international economic and trade rules, goes against basic economic laws and common sense, and is nothing but unilateral bullying and coercion.

Even if the U.S. imposes even higher tariffs, it would no longer make economic sense and ultimately go down as a joke in world economic history, according to the commission.

"Given that it's already impossible for the Chinese market to accept U.S. imports at the current tariff level, if the United States imposes further tariffs on Chinese products, China will ignore it," it said.

China hits US goods with steep 125 percent duty.

However, should the U.S. persist in substantially undermining China's interests, China will take firm countermeasures and fight to the end, the commission added.

In his first public comments about the US-China trade war, President Xi Jinping said there are "no winners" in a tariff war.

He called on China and the European Union to jointly oppose unilateral bullying, a reference to Mr Trump's tariff regime, while meeting with the Spanish Prime Minister in Beijing.

The US. administration was sticking to its guns on Friday, touting its discussions with a number of countries on new trade deals which it says will justify its dramatic upheaval in policy.