Beijing raises tariffs again, says it will oppose US 'bullying' Bond prices fall, dollar weakens, gold hits record high Trump predicts stability once countries cut trade deals with US Stocks recover but inflation and recession fears persist ABOARD AIR FORCE ONE/BEIJING/LONDON,

On Saturday, the Trump administration said it would exempt technology products like the iPhone, PCs and chips from much of the recently imposed Chinese tariffs. But for most businesses in the U.S., orders from China are being canceled and Chinese freight being shipped could be abandoned.

While President Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%.

China announced Friday that it will raise tariffs on U.S. goods from 84% to 125% — the latest salvo in an escalating trade war between the world’s two largest economies that has rattled markets and raised fears of a global slowdown.

Chinese leader Xi Jinping has said his nation is “not afraid,” in his first public comment on the escalating trade war with the United States, as Beijing raised tariffs on US goods to 125%.