Breaking: China announces new tariffs on $75 billion worth of US goods, USD/JPY drops sharply
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Confirming Global Times' earlier reports, China has recently announced that it is planning to raise import tariffs on some US imports, per Reuters.
"New tariff rates will apply to about $75 billion worth of US goods," China stated. "New tariff rates imposed on some US goods will be ranging from 5% to 10% and will take effect on September 1 and December 15."
With the initial reaction to this announcement, the USD/JPY erased its daily gains and was last seen trading at 106.42. Meanwhile, the US Dollar Index is still up 0.13% on the day at 98.33.
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