After President Donald Trump increased the range of tariffs on goods imported from China by 145 percent, China also said on Friday that it will raise tariffs on American goods to 125 percent.

The world's two largest economies have been announcing additional tax increases one after the other, which is having a direct impact on the world's business sector. 

China has commented on Trump's successive tax hikes as a "joke" and a "numbers game". He accused the Trump administration of wreaking havoc on the markets by imposing massive tax hikes around the world. Beijing said, "America should be fully responsible for this kind of chaos." 

New in the world financial market   After the tariffs caused an uproar, Trump withdrew from his plan and announced on Wednesday that he would suspend the tariffs imposed on the rest of the countries except China for 90 days. However, he has not only continued the additional tax imposed on imports of Chinese goods, but has further increased it to a staggering 145 percent. The Chinese Ministry of Finance has said that the steps taken by the US to increase taxes will be ignored. The Chinese Ministry of Commerce said, "The United States' imposition of an unusually high step-by-step increase in tariffs on China has no practical significance even from an economic point of view." He commented that the US's step of increasing tariffs was a "numbers game" and said that China would ignore it.  Since the

, Trump has admitted that his tax strategy has created transition costs and transition problems, but he has denied analysts' claims that his decision caused global market turmoil. "Later this thing will be beautiful," he said. He praised the European Union (EU) for saving itself from the current market war. He said, "Initially, the EU was ready to take retaliatory measures after our tax announcement. But he has taken the right decision after understanding the extent of its impact from the context of China.' "If the negotiations with the US fail, we will also be able to tax the advertising revenue of digital services." "In the discussion of the European Commission, we must show ourselves strongly, Europe must continue to take all the necessary symbolic measures," Macron said on the social network X. 

Similarly, Chinese President Xi Jinping has said that China and the EU should work together on this issue in a meeting with Spanish Prime Minister Pedro Sanchez on Friday. "China and Europe must fulfill their international responsibilities and jointly resist the US's unilateral bully practices," President Xi added. "This will not only protect the legitimate rights and interests of other countries, but also protect international fairness and justice."

Critics of Trump's policy say the latest situation is causing chaos for companies that depend on supply chains and making goods more expensive for American consumers.

American President Trump is still warning that the tax may come back after 90 days. "If we come to an agreement through negotiations with other countries, we will be able to return to where we were," Trump warned. Canadian Prime Minister Mark Carney said Trump took a "welcome step" by suspending taxes for 90 days and said he would start talks with Washington for a new economic agreement after the election on April 28, while Vietnam and Pakistan said they would hold trade talks with the US. China's President Xi is starting a visit to Vietnam, Malaysia and Cambodia next week after the US tried to isolate China from the latest developments.