Breaking: China raises additional tariffs on US goods to 125% from 84%

China's Finance Ministry announced on Friday that they will raise additional tariffs on US imports from 84% to 125%, per Reuters, from April 12.

"If the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it," the ministry said and added:

"If the US insists on continuing to infringe upon China's interests in a substantive way, China will resolutely take countermeasures and fight to the end."

China's Commerce Ministry also came out with a statement, urging the US to take a big step forward in eliminating the so-called "reciprocal tariffs" and completely correct its wrong practices. "China firmly opposes, condemns the US' wanton unilateral tariff measures, has taken resolute countermeasures to safeguard own rights and interests," the statement read.

Market reaction

US stock index futures turned south following this development. After having gained more than 1% earlier in the day, the S&P 500 futures were last seen rising 0.35%.

In the meantime, the US Dollar (USD) stays under heavy selling pressure. At the time of press, the USD Index was losing 1.1% on the day at 99.80.

Finally, Gold continues to gather strength and trades at a new record-high above $3,210 as the deepening trade conflict boost the safe-haven demand.