China raised its total retaliatory tariff on U.S. imports to 125% today after the Trump administration clarified yesterday that U.S. duties on Beijing are actually 145% because of earlier fentanyl-related levies.

China raises tariff on U.S. goods to 125% after Trump White House says China tariffs are set at 145%. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

With the dust now settled on the euphoric market rebound following President Donald Trump's trade war climb-down, investors are realizing that the global economy still faces the most punishing U.S. tariffs in nearly 100 years.

While the financial markets heave a collective sigh of relief now that President Donald Trump has paused the implementation of reciprocal tariffs (except those targeted at China), even the most optimistic among us would not dare imagine that this chapter has closed.

Most of that damage will not be undone by Trump’s tariff pause. The world has seen things it cannot unsee. Yesterday morning, the U.S. economy appeared to be on the verge of catastrophe. The stock market had already shrunk by trillions of dollars in just a few days.

A day after recording its best gain since 2008, the S&P 500 fell 3.5 percent on Thursday, showing that fears about tariffs hampering economic growth were still alive.

China's exports likely picked up pace in March, as factories rushed out shipments ahead of U.S. President Donald Trump's sweeping tariffs this month, though the broadening trade war with the United States has darkened the economic outlook.

Major stock indexes and the U.S. dollar dropped on Thursday, with the S&P 500 ending down more than 3% as investors remained skittish, a day after U.S. President Donald Trump's move to temporarily lower tariffs on many countries caused a massive relief rally.