President Donald Trump raised Chinese import tariffs to 125% Wednesday, hours after Beijing imposed an 84% retaliatory levy on U.S. goods as the global൲ trade war intensified.

"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," Trump wrote on Truth Social. "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 move came hours after China again retaliated against Trump's tariffs, this time raising its levies on U.S. goods to 84%.

"The US's practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China's legitimate rights and interests and seriously damages the rules-based multilateral trading system," China's Ministry of Finance said.

Trump's "Liberation Day" duties kicked in just after midnight Wednesday, imposing a total tariff rate of 104% against China. The Chinese plan to raise its tariffs are effective a minute after midnight Thursday, according to a government statement.

Beijing had initially countered and matched Trump's 34% "reciprocal" tariffs late last week and pledged Tuesday to "澳洲幸运5官方开奖结果体彩网:fight to the end" if the White House persisted with its levies. 

UPDATE—This story has been updated with President Trump's Truth Social post.