China announced plans to impose additional tariffs on $75 billion of American goods including soybeans, automobiles and oil, with the retaliation for President Donald Trump’s latest planned levies on Chinese imports sending U.S. stock futures tumbling.
Some of the countermeasures will take effect starting Sept. 1, while the rest will come into effect from Dec. 15, according to the announcement from the Ministry of Commerce. This mirrors the timetable the U.S. has laid out for 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 U.S. 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 U.S. made cars would be as high as 50%.
Among automakers, Tesla Inc. and Germany’s Daimler AG and BMW AG are the most vulnerable to the additional levies. Shares of the two German companies fell at least 2% in Frankfurt, while Tesla fell in premarket trading in New York.
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The news from Beijing rekindled concerns about the world’s two largest economies and a global growth outlook that’s already looking shaky. U.S. stock futures dropped along with Treasury yields and oil prices. Emerging-market and commodity-related currencies also declined, while havens such as the yen and gold were supported.
