China hits U.S. with tariffs on $75 billion worth of goods, reinstates auto levies

[BumRushDaShow]

Source: Washington Post

U.S. stock futures dived Friday after China announced retaliatory tariffs on $75 billion in U.S. goods and reinstated levies on American auto products.

The levies will range from 5 to 10 percent and will be put in place in two rounds, on Sept. 1 and Dec. 15 -- the same dates on which President Trump's latest tariffs on $300 billion in Chinese goods are slated to take effect, the Chinese finance ministry said in a statement. A 25 percent tariff on automobiles and a 5 percent tariff on auto parts will go into effect on Dec. 15.

"China's imposition of tariffs is a forced response to the unilateralism and trade protectionism of the United States," said the Communist Party-run Global Times. The outlet said it hoped the trade conflict would be resolved "on the premise of mutual respect and equality and trustworthiness in words and deeds.

Dow Jones industrial average futures, which had been predicting a 100-point gain at markets' open, sank immediately following the announcement of China's retaliation and now point to a 150-point loss.

Read more: https://www.washingtonpost.com/business/2019/08/23/china-hits-us-with-tariffs-billion-worth-goods-reinstates-auto-levies-state-media-report/

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Full headline: China hits U.S. with tariffs on $75 billion worth of goods, reinstates auto levies, state media report

This was the tweet referenced in the OP article (from the editor of China's "Global Times" ) -

Link to tweet

TEXT
Hu Xijin 胡锡进
✔
@HuXijin_GT

Based on what I know, China will take further countermeasures in response to US tariffs on $300 billion Chinese goods. Beijing will soon unveil a plan of imposing retaliatory tariffs on certain US products. China has ammunition to fight back. The US side will feel the pain.
339
6:36 AM - Aug 23, 2019