Mubasher: China unveiled that it will levy additional tariffs on $75 billion worth of US products, responding to President Donald Trump’s latest announcement of duties on Chinese imports.

The countermeasures follow the same timeframe laid out by Washington for imposing the 10% tariffs on around $300 billion of Chinese exports.

Some of the measures will be implemented as from 1 September, while the rest will come into force from 15 December, the Ministry of Commerce announced on Friday.

An additional 5% levy will hit US soybeans and crude oil imports as from next month, while US auto imports will be subject again to a 25% tariff from 15 December.

Earlier in the week, Beijing warned that any duties by the US would mean further escalation, vowing totake countermeasures against any move from Washington.

Meanwhile, negotiators from both sides spoke via phone since Trump’s tariff plan, with another call being scheduled for the coming days.

The Chinese delegation is still committed to a visit to the US next September for face-to-face talks, which may pave the way for further reprieve, Bloomberg said, citing sources familiar with the plan.

China’s move came at the time when leaders of the Group of Seven (G7) prepared to meet in France, while central bank officials were gathering at Jackson Hole conclave, with the global economic downturn on the symposium’s agenda.

Beijing’s decision re-ignited fears about the world’s two biggest economies, coupled with an already-worsening global growth outlook.

US stock futures dropped along with Treasury yields and oil prices, while emerging-market and commodity-related currencies also declined.

Meanwhile, the news gave a boost to safe-haven assets such as the Japanese yen (JPY) and gold.