On Saturday, the Trump administration said it would exempt technology products like the iPhone, PCs and chips from much of the recently imposed Chinese tariffs. But for most businesses in the U.S., orders from China are being canceled and Chinese freight being shipped could be abandoned.

While President Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%.

China announced Friday that it will raise tariffs on U.S. goods from 84% to 125% — the latest salvo in an escalating trade war between the world’s two largest economies that has rattled markets and raised fears of a global slowdown.

The U.S. hiked its tariffs on China earlier to 125%, which was later re-clarified by the White House to 145% yesterday as the trade war with China escalates further. China finally retaliated to these massive tariffs by announcing new retaliatory tariffs of 125%.