China Hits U.S with Higher Tariffs on Soybeans
Retaliation to take effect in two stages in September and December
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, reports Bloomberg.
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 Ministry of Commerce.
This mirrors the timetable the U.S. has laid out for 10% tariffs on nearly $300 billion of Chinese shipments.