China raises tariffs on US goods to 125% sending jitters across European stocks

China set to raise tariffs on American good to a staggering 125%, up from 84% which will come into effect on Saturday.

The Chinese Finance Ministry warned they will “fight to the end” with their countermeasures against the US President Donald Trump.

The Ministry said in a statement, “The US’s imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense, and is completely a unilateral bullying and coercion.”

President Trump has announced a 90 day pause on additional tariffs, but for China he raise this even further to 145%.

Beijing has accused the US of violating international economic trade regulations and “common sense.”

Beijing insists Washington is responsible for the “serious shocks and violent turbulence” that has hit global stock markets hard seeing trillions being wiped out.

Beijing is urging President Trump to “take a big step in cancelling the so-called “reciprocal tariffs” and thoroughly correct its wrong practices.”

European stock markets have gone red over China’s tariffs countermeasures, the FTSE 100 Index fell 0.5% after early morning trading was up.

The French Cac 40 dropped by 0.9% and Germany’s Dax 40 fell 1.5%, the Nikkei was down by almost 3%, but the Shanghai stock index rose by 0.45%.