China has announced it’s raising tariffs on U.S. products from 84% to 125%, as the trade war between the two countries escalates. Beijing’s retaliation came after Trump imposed a 125% tariff on China, which he says comes on top of an earlier 20% tariff for a total levy of 145%. Chinese President Xi Jinping spoke earlier today as he met with Spanish Prime Minister Pedro Sánchez in Beijing.

CCTV anchor narration: “China and Europe should fulfill their international responsibilities, jointly uphold the trend of economic globalization and the international trade environment, and work together to oppose unilateral bullying.”

Stocks plunged again Thursday following Wednesday’s market rally, amid mounting concerns over Trump’s escalations with Beijing.