China has announced a substantial increase in tariffs on U.S. goods, raising them to 125% starting Saturday. This development was reported by Reuters, citing a statement from China’s finance ministry. The new tariff rate marks a significant escalation from the 84% previously set.

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According to data from the IndexBox platform, the U.S. exports a wide range of goods to China, including machinery, vehicles, and agricultural products, which could be heavily impacted by this tariff increase. The move is expected to further strain trade relations between the two economic giants, potentially affecting global markets and supply chains.

Source: IndexBox Market Intelligence Platform