China announced on Friday that it will hike tariffs on American imports from 84% to 125%.
The move represents the latest escalation of an ongoing trade war between the U.S. and China.
China indicated it made the move in response to the U.S. raising tariffs, but indicated it does not plan to retaliate against any potential additional U.S. tariff increases.
China's President Xi Jinping shakes hands with President Donald Trump before a bilateral meeting on the sidelines of the G20 Summit in Osaka, Japan, in June 2019. (Brendan Smialowski/AFP/Getty Images / Getty Images)
"The US's imposition of abnormally high tariffs on China seriously violates international economic and trade rules, and also violates basic economic laws and common sense. It is a completely unilateral bullying and coercive practice," the country declared.
"Given that at the current tariff level, there is no market acceptance for US goods exported to China, if the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it."
This is a breaking story and will be updated