China vows to raise tariffs on US goods to 125%, escalating trade war

China announced Friday that it would increase tariffs on U.S. goods from 84% to 125% in the latest escalation of the trade war between the two countries. 

A Chinese Finance Ministry spokesperson said the U.S. continuing to raise tariffs "will become a joke in the history of the world economy," according to The Associated Press.

President Donald Trump announced Wednesday a 90-day pause on tariffs on dozens of countries, but increased the tariffs on goods from China from 104% to 125%.

Trump said he made the decision to pause tariffs after more than 75 countries had called to "negotiate a solution."

The Commerce Ministry in China also threatened to file another lawsuit with the World Trade Organization against the U.S. for tariffs.

“There are no winners in a tariff war,” Chinese President Xi Jinping said during a meeting. “For more than 70 years, China has always relied on itself ... and hard work for development, never relying on favors from anyone, and not fearing any unreasonable suppression.”