Newsweek has contacted the White House and the Chinese Foreign Ministry for comment. President Donald Trump raised U.S. tariffs on China to a combined 145 percent, prompting the Chinese to retaliate with a 125 percent levy on American imports.

The way President Donald Trump sees it, beating China in a trade war should be easy. After all, the Chinese sell Americans three times as much stuff as Americans sell them.

Bitcoin is trading at $103,000 on May 10 as markets digest fresh comments from U.S. President Donald Trump, who said his administration will enforce a “baseline” 10% tariff on all imports, with room for exceptions only in “exceptional” cases.