China announced on Friday it will raise tariffs on US goods from 84% to 125%, in the latest escalation of a trade war bet

President Donald Trump’s trade tariffs have hammered financial markets, prompted an outcry from world leaders, and raised the specter of a US recession. He declared a 90-day pause on some of the most punishing tariffs on April 9.

In a dramatic move Wednesday, Trump authorized a 90-day pause in the higher tariffs for most countries he announced last week while maintaining a 10% universal tariff.