China will retaliate with tariffs on $75 billion more of US goods and resume auto tariffs

China said Friday 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 Sept. 1 and Dec. 15. That happens to be when President Donald Trump’s latest tariffs on Chinese goods are to take effect. 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. Stocks tumbled and bond yields fell following the announcement. The retaliatory tariffs came after Trump earlier this month surprisingly ended a trade war 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 removed from the list...MORE