By  on August 23, 2019

China said Friday that it will impose new tariffs on some $75 billion in goods imported from the U.S., the latest in a series of retaliatory responses in the ongoing trade wars between the nations. This news appeared to rattle financial markets, sending the Dow Jones down 623 points on the day, with most of the retail sector being particularly hard hit.

China’s Customs Tariff Commission said it is imposing the tariffs in response to the U.S. government’s additional 10 percent tariffs on approximately $300 billion in goods imported from China. The U.S. government’s tariffs, which will impact footwear and apparel, are set to be implemented in September and in December.

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