China announced on Friday that it will raise tariffs on American goods to 125 per cent from its previous rate of 84 per cent, matching the level announced by the Trump administration on Thursday.
Beijing will “simply ignore” any further tariff escalations from the US in the future, if Washington “persists with its tariff number games,” according to a statement from the Customs Tariff Commission of the State Council, China’s cabinet.
At current duty rates, American goods exported to China already have no market viability, the commission said.
“Even if the US further raises tariffs to even higher levels, it would be economically meaningless and would ultimately become a laughingstock in the history of global economics,” it added.
scmp.com
ignored and laughed at
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