US President Donald Trump announced on Friday night that he was increasing tariffs on $250 billion of Chinese imports from 25% to 30% on October 1 and raising tariffs on $300 billion of Chinese goods, due to start on September 1, from 10% to 15%, after Beijing threatened to impose retaliatory tariffs on $75 billion of American goods including soybeans, automobiles and oil, in reaction to Trump’s planned levies on Chinese imports that pushed US stocks and farm commodities lower, reported Bloomberg.
Some of China’s countermeasures will take effect starting Sept. 1, while the rest will come into effect from Dec. 15, according to the announcement Friday from the Finance Ministry. This mirrors the timetable the US has laid out for the initial 10% tariffs on nearly $300 billion of Chinese shipments.
An extra 5% tariff will be put on American soybeans and crude-oil imports starting next month. The resumption of a suspended extra 25% duty on US cars will resume Dec. 15, with another 10% on top for some vehicles. With existing general duties on autos taken into account, the total tariff charged on US made cars would be as high as 50%.