China to impose new tariffs on US goods worth $75 billion

China said Friday that it will impose new tariffs on US goods worth $75 billion and resume duties on American autos, Report informs citing the RIA Novosti.

Chinese State Council said it decided to slap tariffs ranging from 5% to 10% on $75 billion U.S. goods, in two batches effective on September 1 and December 15.

It also said a 25% tariff will be imposed on US cars and a 5% on auto parts and components, which will go into effect on December 15. China had paused these tariffs in April.

Stock futures tumbled following the announcement.

The retaliatory tariffs came after President Donald Trump earlier this month surprisingly ended the cease-fire by threatening to impose 10% tariffs on another $300 billion of Chinese goods.