The Chinese Finance Ministry announced on Friday that it further increased tariffs on goods imported from the United States from 84% to 125% in response to the Trump administration applying a 145% tariff on Chinese exports. The new measure will come into force at midnight local time on April 12.

"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 the world economy. At the current tariff level, there is no market acceptance for US goods exported to China," the ministry said, adding that if Washington continues to impose tariffs on Chinese goods, Beijing will ignore them.