AMNA NAWAZ: The U.S. trade war with China continues to escalate with no apparent end in sight.

Today, Beijing announced it will raise rates on American goods, a direct retaliation to President Trump's sharp increase in tariffs on the world's second largest economy.

Lisa Desjardins has this report.

LISA DESJARDINS: On Chinese state television, an economic shot fired, word that Beijing is raising its tariff on U.S. goods from 84 to 125 percent, more than doubling the costs.

LIN JIAN, Chinese Foreign Ministry Spokesperson (through translator): China is a responsible country.

In the face of U.S. bullying and hegemony, compromising concession are not a way out.

LISA DESJARDINS: This after the Trump administration pushed U.S. tariffs on China to 145 percent earlier this week.

American small business owners are watching for fallout.

JOSE GARCIA, Owner, La Fiesta: Right now, as any business, I think we are on a day-to-day basis.

LISA DESJARDINS: Jose Garcia owns a party supply store in Los Angeles and imports much of what he sells.

JOSE GARCIA: Balloons, latex balloons, ribbons, bags, and everything made in China.

LISA DESJARDINS: But other industries say the tariffs could be a Godsend, like these shrimpers on the Gulf Coast.

KEN GARCIA, Manager, Quality Seafoods: We're American businesses.

Our whole town thrives off the shrimping industry.

LISA DESJARDINS: Ken Garcia, no relation to Jose, says cheap imports have left U.S. shrimpers struggling.

KEN GARCIA: We really needed something to help us propel us back into profitability.

And it looks like these Trump tariffs are going to be able to do that.

LISA DESJARDINS: This comes as Chinese state media reported that President Xi Jinping told world leaders China and Europe must oppose unilateral bullying.

VALDIS DOMBROVSKIS, European Commissioner for Economy and Productivity: So let me make it clear, Europe did not start this confrontation and Europe does not want this confrontation.

LISA DESJARDINS: Europe, dealing with a 10 percent tariff from Trump, has welcomed the administration's pause on anything larger.

But the European economy commissioner had a warning.

VALDIS DOMBROVSKIS: If we do not see movement also from the U.S. side and willingness to move away from this kind of tariff policy, we will help to defend our economy, we will help to defend our companies.

LISA DESJARDINS: Today, the White House said phones were ringing off the hook from countries hoping to make deals.

KAROLINE LEAVITT, White House Press Secretary: More than 15 offers are already on the table.

LISA DESJARDINS: White House Press Secretary Karoline Leavitt said the president wants Americans to be patient.

KAROLINE LEAVITT: As he said, this is going to be a period of transition.

He wants consumers to trust in him and they should trust in him.

LISA DESJARDINS: This after 10 days of stock market upheaval that for some might have felt like weeks.

On April 2, when Trump announced sweeping tariffs, the Dow Jones industrial began to plummet.

It regained some footing when Trump backed off the toughest tariffs earlier this week.

But as today started, the Dow was still sharply below where it was last month.

Something else is lower too.

New data from the University of Michigan shows consumer confidence dropped for the fourth straight month.

For the "PBS News Hour," I'm Lisa Desjardins.