close video America will be much better off with Trumps tariff policy, Lara Trump argues

My View with Lara Trump host Lara Trump discusses potential European Union and China tariff deals with the United States and more on The Evening Edit.

China announced on Friday that it will hike tariffs on American imports from 84% to 125%.

The move represents the latest escalation of an ongoing trade war between the U.S. and China, which is led by the Chinese Communist Party.

China indicated that it made the move in response to the U.S. raising tariffs, but indicated it does not plan to retaliate against any potential additional U.S. tariff increases.

CHINA EXPERT REVEALS WHY XI WON'T BUDGE ON TARIFFS WITH TRUMP

China’s President Xi Jinping shakes hands with President Donald Trump before a bilateral meeting on the sidelines of the G20 Summit in Osaka, Japan, in June 2019. (Brendan Smialowski/AFP/Getty Images / Getty Images)

"The US's imposition of abnormally high tariffs on China seriously violates international economic and trade rules, and also violates basic economic laws and common sense. It is a completely unilateral bullying and coercive practice," the Chinese finance ministry asserted.

"Given that at the current tariff level, there is no market acceptance for U.S. goods exported to China, if the U.S. continues to impose additional tariffs on Chinese goods exported to the U.S., China will ignore it."

Fox News Digital reached out to the White House for comment on Friday morning.

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China's latest retaliation announcement comes as U.S. President Donald Trump has been slapping tariffs on the U.S. adversary.

Trump announced in a Truth Social post this week that the tariff against China would be 125%.

"Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," the president wrote.

KEVIN O'LEARY BACKS TRUMP TARIFFS TO STOP CHINA FROM ‘KILLING SMALL BUSINESS IN AMERICA’ close video Investor Kevin O’Leary says ‘volatility’ of tariffs is acceptable to stop China from ‘killing’ American business

“Shark Tank” investor Kevin O’Leary argued that short-term volatility from tariffs is acceptable to force China to come to the table and stop its imbalanced practices against the American economy.

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But when factoring in the tariff Trump slapped on China pertaining to fentanyl, America's tariffs against China are at a whopping 145%.

Fox Business Elise Oggioni and Edward Lawrence contributed to this report.