Trump will explain tariffs on electronics on Monday

China's Ministry of Finance announced Friday that Beijing will increase tariffs on all U.S. goods from 84% to 125%, in response to the U.S. "imposition of abnormally high tariffs on China."

The new rate will come into force on Saturday, the ministry's announcement said.

The White House this week said that the rate of tariffs on Chinese goods was now at 145%.

"Given that at the current tariff level, there is no market acceptance for U.S. goods exported to China, if the U.S. continues to impose tariffs on Chinese goods exported to the United States, China will ignore it," the Chinese Finance Ministry's statement said.

-ABC News' Karson Yiu

Chinese president Xi Jinping warned Friday that President Donald Trump's tariffs will "isolate" the U.S. from the international community.

During his meeting with Spanish Prime Minister Pedro Sanchez in Beijing, Xi said, "There is no winner in a tariff war, and going against the world will only result in self-isolation."

"For more than 70 years, China's development has always relied on self-reliance and hard work," he added, as quoted by the official state Xinhua News Agency. "It has never relied on anyone's gifts, let alone been afraid of any unreasonable suppression."

"No matter how the external environment changes, China will have firm confidence, maintain determination and concentrate on doing its own things well," Xi continued.

Xi also took the opportunity to play up China's ties with the European Union -- a relationship that suffered major setbacks in the midst of COVID-19 and Russia's war on Ukraine. But Trump's return to office -- and his sweeping tariffs campaign -- has raised the possibility of a Beijing-Brussels thaw.

"China has always regarded the European Union as an important pole of the multipolar world and is a major power that clearly supports the unity and development of the EU," he said.

"Under the current situation, it is of great practical significance to jointly build the four major partnerships of peace, growth, reform and civilization between China and Europe," Xi added.

"China and Europe should adhere to the positioning of partners and adhere to open cooperation."

-ABC News' Karson Yiu

Senate Finance Committee ranking member Ron Wyden, D-Ore., and Sen. Rand Paul, R-Ky., introduced a bill Thursday that would repeal Trump's tariffs.

The bill, which is co-sponsored by Sens. Chuck Schumer, D-N.Y., Tim Kaine, D-Va., Jeanne Shaheen, D-N.H., Peter Welch, D-Vt., and Elizabeth Warren, D-Mass., will receive a vote on the floor shortly after the Senate returns from a state work period later this month, according to Wyden's office.

"Congress can’t sit on its hands while he slaps a new 10 percent tax on everything families buy, and leaves businesses and seniors in limbo until the next tariff flip flop. Congress needs to pass our bipartisan bill, end the tariff rollercoaster, and restore Congress’ Constitutional authority over trade," Wyden said in a statement.

"Abusing emergency powers to impose blanket tariffs not only drives up costs for American families but also tramples on the Constitution. It’s time Congress reasserts its authority and restores the balance of power," Paul said in a statement.

Trump said he's not considering any tariff exemptions for companies, but left the door open, claiming there is a lot of "flexibility."

"We don't have that situation now. People understand what we are and what we are going to do, but it could happen," he said.