(Aug 23): China threatened to impose additional tariffs on US$75 billion ($104 billion) of American goods including soybeans, automobiles and oil, in retaliation for President Donald Trump’s latest planned levies on Chinese imports that pushed US stocks and farm commodities lower.
Some of the countermeasures will take effect starting Sept 1, while the rest will come into effect from Dec 15, according to the announcement Friday from the Finance Ministry. This mirrors the timetable the US has laid out for 10% tariffs on nearly US$300 billion of Chinese shipments.
An extra 5% tariff will be put on American soybeans and crude-oil imports starting next month. The resumption of a suspended extra 25% duty on US cars will resume Dec 15, with another 10% on top for some vehicles. With existing general duties on autos taken into account, the total tariff charged on US made cars would be as high as 50%.