China threatens new tariffs on U.S. goods

China fired another salvo in its trade war with the United States Friday. The communist country announced plans to levy retaliatory tariffs on an additional $75 billion worth of U.S. products ranging from soybeans and crude oil to cars and auto parts. China’s tariffs are set to take effect in two waves on Sept. 1 and Dec. 15.

What made China angry this time? The Chinese government said it was responding to the United States’ “unilateralism and protectionism.” Earlier this month, the United States announced tariffs on Chinese goods worth an additional $300 billion. But the Trump administration delayed implementing the tariffs until Dec. 15 to ease the potential effect on the Christmas shopping season.

Dig deeper: Read June Cheng’s report from China on the effect of the trade war on the country’s economy.

UPDATE: In reaction to China’s announcement, President Donald Trump tweeted late Friday afternoon he was raising tariffs on $300 billion in Chinese goods from 10 percent to 15 percent. The Office of the U.S. Trade Representative also said the United States would hike tariffs on another $250 billion in Chinese imports from 25 percent to 30 percent on Oct.1. Earlier Friday, the president said he “hereby ordered” U.S. companies to seek alternatives to doing business in China. In reaction to the escalating trade war but before Trump’s tariff announcement, the Dow Jones Industrial Average closed down 643 points.