(Business Insider) China on Friday announced plans to retaliate against the Trump administration with new tariffs on roughly $75 billion worth of US products and reinstated duties on American cars.
The Chinese finance ministry said in a statement that tariffs of 5% to 10% on more than 5,000 products would take effect in two batches, beginning September 1. The second tranche, which would include a 25% tax on US auto imports, was scheduled for December 15.
The escalation came after President Donald Trump said this month that he would slap tariffs on virtually all remaining Chinese imports on those same dates. Also in response to that move, China halted purchases of American agricultural products.
Advertisement - story continues below