The trade war just keeps getting hotter.
China said Friday it will raise tariffs on $75 billion worth of U.S. imports in response to new levies on Chinese goods announced by President Trump earlier this month, The New York Times and The Washington Post report.
The State Council Tariff Commission said these tariffs will go into effect on Sept. 1 and Dec. 15, when Trump's tariffs on $300 billion in Chinese goods are scheduled to take effect, and will range from 5 to 10 percent. China also said it will reinstate a 25 percent tariff on automobiles on Dec. 15, as well as a 5 percent tariff on auto parts, per the Post.
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The Wall Street Journal reports that if the new tariffs go through, China will have imposed "punitive taxes" on all American imports.
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