China will raise tariffs on all US goods to 125% with effect from 12 April, up from 84%.

The new levy now matches the level imposed by the US on Chinese imports, although Beijing said it won’t go any higher.

“Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” said the Finance Ministry in a statement.

“At the current tariff level, there is no market acceptance for US goods exported to China. If the US continues to play the tariff numbers game, China will ignore it. However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counterattack and fight to the end,” it continued.

This is a developing story and our journalists are working on further updates.