China has escalated its trade war with the United States by raising tariffs on a range of American goods to 125%, in response to Washington’s increased levies on Chinese imports.
Beijing is now facing a 145% tariff on some of its own exports to the US, deepening the economic standoff that began under Donald Trump’s administration. Despite the intensifying tensions, Trump said he remains hopeful a resolution can be reached, stating, “They would end up working something out that’s very good for both countries.”
Chinese President Xi Jinping, meanwhile, urged the European Union to stand with Beijing against what he called Washington’s “bullying,” warning that “there are no winners in a tariff war.”
As uncertainty looms, global markets have reacted sharply. Gold prices have surged to record highs as investors move towards safe-haven assets. European stocks opened strong, but many Asian markets slipped amid concerns about the long-term impact of the escalating tariffs.