China has raised customs duties on the U.S. to 125%.

The new customs duty corresponds to the 'reciprocal' tariff level applied by the U.S. on goods imported from China, but Beijing has announced that it will not raise it to a higher level.

China will raise the customs duty it applies to all U.S. goods from 84% to 125%, effective Saturday, April 12. The new tax corresponds to the 'reciprocal' tariff level applied by the U.S. on goods imported from China, but Beijing has announced that it will not raise it to a higher level. Considering the customs duties previously applied to China, the U.S. Treasury Department stated, "Even if the U.S. continues to impose higher customs duties, this will no longer have economic significance and will become a joke in world economic history." It was noted that "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 significantly violating China's interests, China will resolutely counterattack and fight to the end." Before the opening of U.S. markets, the S&P 500 and Dow Jones fell in response to the news, continuing a week of market volatility. The dollar lost nearly 2% against the euro shortly after China's announcement.