China is unveiling a new round of retaliatory tariffs on about $75 billion worth of US goods. It will place tariffs of 5% or 10% on US imports starting on September 1st, according to a statement posted by China's Finance Ministry on Friday.
China will place tariffs of 5% or 10% on US imports starting on September 1st, according to a statement posted by China's Finance Ministry on Friday.The Ministry also announced plans to resume tariffs on US imports of automobiles and automobile parts. The tariffs would be 25% or 5%, and would take effect on December 15th.Last week, China said it would take countermeasures after the United States announced it would impose 10% tariffs on Chinese imports worth $300 billion.
Read MoreThe move comes amid indications the ongoing trade war is having an impact on the world's two largest economies. Industrial production in China — an important indicator for the country's economy — grew just 4.8% in July compared to a year earlier, according to China's National Bureau of Statistics. That's the worst growth for that sector in 17 years.
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