8/23/2019, 2:03 PM (Source: TeleTrader)
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China announces retaliatory tariffs on $75B of US goods

China unveiled retaliatory tariffs on $75 billion worth of US goods on Friday ranging from 5% to 10%, the State Council’s Customs Tariff Commission said.

Among products targeted by the new measures is US crude oil, which will be subject to a 10% tariff starting September 1. Meanwhile, 25% tariffs on US-made cars will continue from December 15, with 5% duties on auto parts.

These retaliatory measures come after President Donald Trump threatened to impose 10% tariffs on another $300 billion worth of Chinese imports. Earlier, it was reported that a trade deal between Beijing and Washington is "tough to improbable," according to multiple White House sources, primarily over issues of national security.

Breaking the News / JC