Dhaka, April 12 -- China on Friday retaliated against U.S. President Donald Trump's country-specific tariffs by raising its levies on U.S. goods to 125 per cent from 84 per cent, the Chinese Finance Ministry said.

"Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy," the ministry said in a statement, according to a CNBC translation.

"With tariff rates at the current level, there is no longer a market for U.S. goods imported into China," the statement noted, adding that "if the U.S. government continues to increase tariffs on China, Beijing will ignore."

The Trump administration confirmed to CNBC on Thursday that the U.S. tariff rate on Chines...