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China announced tariff hikes today on $75 billion of U.S. products in retaliation for U.S. Trade Representative (USTR)’s latest planned increase, deepening a conflict over trade and technology. China also will increase import duties on U.S.-made autos and auto parts, the Finance Ministry announced.
Tariffs of 10% and 5% will take effect on two batches of goods on Sept. 1 and Dec. 15, the ministry said in a statement. It gave no details of what goods would be affected but the timing matches USTR’s planned duty hikes.
Source: AP