China announced an increase in its retaliatory tariffs on US imports to 125 percent, marking the latest escalation in the trade spat between the world’s two largest economies.

The Finance Ministry of China said that the rise from the existing supplementary levels of 84 percent would be implemented starting April 12.

The ministry said it will disregard any more US tariff increases on Chinese exports, since there is now no market acceptability for US products in China at the existing tariff level.

The United States’ imposition of excessively high tariffs on China egregiously contravenes international economic and trade regulations, fundamental economic principles, and common sense, constituting unilateral intimidation and coercion.

This action is the most recent development in a week-long reciprocal exchange between the two nations, during which the administration of US President Donald Trump has sought to isolate China after the suspension of some tariffs on alternative trade partners.

A growing wave of shipping disruptions threatens to undermine international commerce across nations, with cargo cancellations poised to interrupt transpacific trips.

Chinese President Xi Jinping said on Friday, as reported by the official news agency Xinhua, that “there are no victors in a tariff war” and that “confrontation with the world will result only in self-isolation.”