Investing.com -- The markets were hit with more tariff confusion on Wednesday after the White House posted a fact sheet overnight showing that China now faces a tariff of up to 245% on imports of certain goods to the U.S.

The document reads, "China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions."

The 245% figure is higher than the 145% figure markets have been quoting and pricing in.

The White House quickly pointed out the error in people's assumptions, saying the 245% figure is not new and that any mention that it is a new tariff is “misleading”.

The extra 100% tariff on some goods was already in place, the White House confirmed. So, while it is true that some goods from China will see a 245% tariff, it is not a new development.

The White House said the figure breaks down like this:

• 125% reciprocal tariff
• 20% tariff to address fentanyl crisis
• Section 301 tariffs on specific goods, between 7.5% and 100%

While the market can breathe a sigh of relief that this is not a new tariff, the reaction shows how baffling the latest tariffs on China are. Even veteran market watchers are left with their heads spinning.