HONG KONG — China announced a 34% tariff on all U.S. imports on Friday, escalating the trade war between the world’s two biggest economies.

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports as part of what he called reciprocal tariffs on a long list of U.S. trade partners.

Combined with 20% in other tariffs Trump has imposed on Chinese goods since returning to office in January, the total U.S. tariff on some Chinese goods is at least 54%.

China, one of the largest U.S. trade partners, urged the Trump administration to immediately cancel the tariffs and “resolve trade disputes through consultations in a manner of equality, respect and reciprocity.”

The latest U.S. tariff “does not comply with international trade rules, seriously harms China’s legitimate rights and interests, and is a typical act of unilateral bullying,” the Chinese Ministry of Finance said in a statement. “It not only damages U.S. interests but also endangers global economic development and the stability of supply chains.”

China’s tariff on U.S. goods takes effect next Thursday, officials said. The new U.S. tariff on Chinese goods takes effect on Wednesday.

The new 34% tariff is significantly higher than the ones Beijing previously imposed on U.S. goods in response to tariffs Trump announced against China in February and March. Those tariffs ranged from 10% to 15% and were targeted only at certain goods.

The U.S. imported $438.9 billion in goods from China last year, according to the U.S. Trade Representative, and exported $143.5 billion in goods.

This is a developing story, please check back later for further updates.