China to levy new tariffs on $75 billion of U.S. imports

China plans to impose new retaliatory tariffs on $75 billion of U.S. imports, ranging from 5-10%. Moreover, Beijing also announced that it will resume a 25% tariff on U.S. cars.

The new tariffs are expected to take effect at the same time as the tariffs on $300 billion worth of Chinese products proposed by President Trump, Sept. 1 and Dec. 15.

U.S. stock futures have since fallen by 1%.