China Unveils Retaliatory Tariffs as Dispute Escalates
China unveiled on Friday retaliatory tariffs against about $75 billion worth of U.S. goods, putting an additional 10% on top of existing rates in the latest tit-for-tat exchange in a protracted dispute between the world's top two economies.
The latest salvo from China comes after the United States unveiled tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on Sept. 1 and Dec. 15.
China's commerce ministry said in a statement it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States including agricultural products such as soybeans, crude oil and small aircraft. China is also reinstituting tariffs on cars and auto parts originating from the United States.
"China's decision to implement additional tariffs was forced by the U.S.'s unilateralism and protectionism," the Chinese ministry said in a statement, adding that its retaliatory tariffs would also take effect in two stages on Sept. 1 and Dec. 15.
U.S. equity index futures fell on the news of China's tariffs, pointing to opening losses on Wall Street.
White House trade adviser Peter Navarro told Fox Business News separately that trade negotiations with China would still go on behind closed doors.
The U.S. Trade Representative's office had no immediate comment on China's tariffs announcement.
Reporting by Judy Hua