Beijing announced a new round of 50 percent tariffs in response to President Trump’s latest levies as the trade conflict between the superpowers escalates.

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.

The trade war between the world’s two largest economies is escalating as China slapped a 125% tariff on U.S. goods in response to President Donald Trump’s 145% tariff on Chinese products