China raises additional tariffs on US goods to 125%, indicates no further hikes

China will raise its tariffs on goods imported from the US to 125% from 84% on April 12, but indicated that this will be the final hike, according to the Ministry of Finance on April 11.

"Under the current tariff levels, the market can no longer accept US goods exported to China. Should the US continue to hike tariffs on Chinese goods in the future, we will not engage further," the ministry said in a statement.

Beijing's move comes after the US raised additional tariffs on China to 145% on April 10.

"The abnormally high tariffs on China by the US is a serious violation of international economic and trade rules, as well as basic economic laws and common sense. It is simply unilateral bullying and coercion," the ministry added.

In a white paper issued April 9, China's State Council said the country was open to talks with the US government while noting that it was prepared to retaliate if tensions escalate further.

The paper also said that China is the largest export market for US soybeans and cotton, the second largest for integrated circuits and coal and the third largest for medical devices, LPG and automobiles.