Beijing on Friday increased its tariffs on U.S. imports to 125%, hitting back against President Donald Trump's decision to hike duties on Chinese goods to 145%.

President Donald Trump’s rapid-fire trade war has set in motion a commercial rupture without precedent, which is rippling through the global economy in unpredictable and costly ways. The triple-digit taxes that the president has imposed on Chinese products — and China’s retaliatory measures — are expected to shrink trade between the world’s two largest economies from a recent annual peak of nearly $700 billion to almost nothing.