China Imposing New Tariffs on $75B Worth of U.S. Products
New York, NY, August 23, 2019-China has announced that it will impose tariffs on $75 billion worth of U.S. products to retaliate against U.S. moves to slap punitive tariffs on an additional $300 billion of Chinese goods, according to the Wall Street Journal.
“China’s cabinet said Friday that it will impose tariffs of 5% and 10% on what amounts to roughly the remaining U.S. imports it has yet to imposes punitive taxes on. It said it will also impose tariffs on U.S. vehicles and car parts, instead of holding off on such a plan.
“Chinese tariffs on $75 billion in U.S. goods will be imposed in two batches, on September 1 and December 15, the same dates U.S. tariffs go into effect. Chinese tariffs on U.S. auto goods will start December 15, according to the nation’s cabinet.”