President Donald Trump on Wednesday raised tariffs on imports from China to 125 percent while simultaneously pausing and lowering taxes on goods from other nations, hours after U.S. bond markets descended into turmoil and raised fears of a broader financial meltdown.

In retaliation, China has imposed a 125% tariff on U.S. goods. A Chinese airline taking delivery of a Boeing j

Washington and Beijing have descended into a budding trade war that currently sees China subjected to 145 percent tariffs on its exports to the U.S.