China has announced a tariff hike on $75 billion of U.S. goods in retaliation for tariffs Donald Trump has threatened to levy on China as of next Sept. 1.
The country’s commerce ministry announced on Friday that 5,078 U.S.-made goods will see a tariff of between 5 and 10 per cent soon. Some of the tariffs will be in force on Sept. 1. Others will come on Dec. 15.
The tariffs cover a diverse array of products, from agricultural products such as crops and meat, to crude oil, aircraft and cars.
The tariff on cars could be as high as 25 per cent, and would be a reinstatement of a tariff system that was previously in place and then briefly put on hold.
More to come