China to increase tariffs to 125% as trade war with US escalates

China announced Friday it will increase tariffs on U.S. goods from 84% to 125%, escalating a trade war between the world’s two largest economies. The move has rattled global markets and heightened concerns about a potential economic slowdown.

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How will tariffs affect grocery prices, gas prices, the stock market and more

President Donald Trump’s new tariffs on imports from Canada and China will go into effect on Tuesday, while the planned tariffs on Mexico are on hold for a month. The move places duties of 10% on all imports from China and 25% on imports from Canada. If tariffs ultimately go forward on Mexico, imports would be taxed at 25% as well.