China announced plans to impose additional tariffs on $75 billion of American goods including soybeans, automobiles and oil, with the retaliation for President Donald Trump's latest planned levies on Chinese imports sending U.S. stock futures tumbling.
Some of the countermeasures will take effect starting Sept. 1, while the rest will come into effect from Dec. 15, according to the announcement from the Finance Ministry. This mirrors the timetable the U.S. has laid out for 10 percent tariffs on nearly $300 billion of Chinese shipments.
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 will resume Dec. 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.