China has announced plans to impose retaliatory tariffs on $75 billion in U.S. goods including soybeans, automobiles and oil.  The levies range from 5 to 10 percent and take effect September 1 and December 15, the same dates President Trump’s latest tariffs on $300 billion in Chinese goods are slated to kick in, the Chinese finance ministry said in a statement.

An extra 5 percent tariff will be put on American soybeans and crude-oil imports starting next month.  The resumption of a suspended extra 25 percent duty on U.S. cars, and a 5 percent levey on auto parts, takes hold on December 15, with another 10 percent on top for some vehicles.  With existing general duties on autos taken into account, the total tariff charged on U.S. made cars would be as high as 50 percent.

While China will impose a new 5 percent levy on oil there was no new tariff on liquefied natural gas.  Tariffs will be placed on various agricultural goods, including a 10 percent tax on imports of U.S. pork.

 

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