China says it's raising tariffs on U.S. goods to 125%

China said Friday that it was raising tariffs on U.S. goods from 84% to 125%, the latest development in the escalating trade war between the two countries. It said the higher tariffs would take effect on Saturday.

"The U.S.' arbitrary imposition of abnormally high tariffs on China seriously violates international economic and trade rules, disregards the post-World War II global economic order built by the U.S. itself, and violates basic economic laws and common sense," a statement put out by China's Finance Ministry announcing the tariffs said.

The statement called rising U.S. tariffs "a joke" and said it would not respond to future U.S. tariff hikes.

"If the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy," China's statement said. "At the current tariff level, there is no market acceptance for U.S. goods exported to China. If the U.S. continues to play the tariff numbers game, China will ignore it. However, if the U.S. insists on continuing to substantially infringe on China's interests, China will resolutely counterattack and fight to the end."

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