Futures Plunge After China Announces Retaliatory Tariffs On Another $75BN In US Goods

Zero Hedge | 8/15/2019 | Staff
penaert (Posted by) Level 3
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Just over an hour after the Global Times' Hu Xijing warned that China would announce retaliatory tariffs on certain US products, adding that "China has ammunition to fight back", that's precisely what happened when China's Ministry of Finance said in statement posted on website late Friday that it would levy retaliatory tariffs on another $75BN in US goods with rates anywhere between 5 and 10%, with the tariffs set to be implemented in two batches, one at midnight on Sept 1 and another at midnight on Dec 15.

Additionally, China said it would resume 25% tariffs on US autos, stating that "China’s adoption of tariff-adding measures is a forced move to deal with US unilateralism and trade protectionism."

Difference - Quirk - Fact - China - Tariffs

Which is somewhat ironic, because of a time-zone difference quirk, it will in fact be China who will impose tariffs on the US first at midnight Beijing time, 12 hours before the US imposes its own tariffs on China.

The full Google-translated statement from the Ministry of Finance is below:

August - US - Government - % - Tariff

August 15, 2019, the US government announced that it would impose a 10% tariff on approximately US$300 billion of goods imported from China, which will be implemented in two batches from September 1 and December 15, 2019. The US measures have led to the continuous escalation of Sino-US economic and trade frictions, which have greatly harmed the interests of China, the United States and other countries, and have also seriously threatened the multilateral trading system and the principle of free trade.

In response to the above measures by the US, China was forced to take countermeasures. According to the "Customs Law of the People's Republic of China", "The Foreign Trade Law of the People's Republic of China", "Regulations on Import and Export Tariffs of the People's Republic of China" and other basic laws and principles of international...
(Excerpt) Read more at: Zero Hedge
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