China said it will impose new tariffs on $75 billion worth of U.S. goods and resume duties on American autos.
The Chinese State Council said it decided to slap tariffs ranging from 5% to 10% on $75 billion U.S. goods in two batches effective on Sep. 1 and Dec. 15.
It also said a 25% tariff will be imposed on U.S. cars and a 5% on auto parts and components, which will go into effect on Dec.15. China had paused these tariffs in April.
Stock futures tumbled following the announcement.
The retaliatory tariffs came after President Donald Trump earlier this month surprisingly ended the cease-fire by threatening to impose 10% tariffs on another $300 billion of Chinese goods. Some of those tariffs have been delayed to December to avoid any impact on holiday shopping season and some items were outright removed from the list.
“In response to the measures by the U.S., China was forced to take countermeasures,” the council said in a statement on Friday.
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