China Reinstates Auto Tariffs - Buy American Is The Answer

SEE ALSO: Toyota Plans To Ramp Up China Production and Sales

Washington DC August 23, 2019;

A 25 percent tariff on automobiles and a 5 percent tariff on auto parts will go into effect on Dec. 15. U.S. stock futures dove Friday after China announced retaliatory tariffs on $75 billion in U.S. goods and reinstated levies on American auto products, reports The Washington Post.

The levies will range from 5 to 10 percent and will be put in place in two rounds, on Sept. 1 and Dec. 15 — the same dates on which President Trump's latest tariffs on $300 billion in Chinese goods are slated to take effect, the Chinese finance ministry said in a statement.

Dow Jones industrial average futures, which had been predicting a 100-point gain at markets' open, sank immediately following the announcement of China's retaliation and now point to a 150-point loss. Read more here.