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China to increase tariffs on US goods to 125% starting Saturday, finance ministry says

China's Finance Ministry attacked the US for imposing 'abnormally high' tariffs and violating international and economic trade rules.

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Jinping Trump us china trade tariffThe sign of China's Ministry of Finance is pictured in Beijing. (AP)

Beijing will impose 125 per cent tariffs on US goods from Saturday, up from the 84 per cent previously announced, news agency Reuters quoted the Chinese finance ministry said on Friday. This comes a day after the Trump administration decided to pause tariffs for 90 days on many countries, but hit China with a 145 percent tariff amid the ongoing trade wars.

“The US imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” China’s Finance Ministry said in a statement, as per Reuters.