China Retaliates With $75 Billion in New Tariffs

Chicoms dig in for trade war

Image Credits: Xinhua/Li Tao via Getty Images.

China said Friday it will impose new tariffs on $75 billion worth of U.S. goods and resume duties on American autos.

The Chinese State Council said it decided to slap tariffs ranging from 5% to 10% on $75 billion U.S. goods in two batches effective on Sep. 1 and Dec. 15.

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It also said a 25% tariff will be imposed on U.S. cars and a 5% on auto parts and components, which will go into effect on Dec.15. China had paused these tariffs in April.

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Gerald Celente analyzes the economic battle playing out between the U.S. and China.