China announces new tariffs on $75B in US goods

China announced Friday it will impose tariffs on $75 billion worth of U.S. goods, the latest salvo in the year-plus trade war between the world’s two largest economies.

The country’s State Council said tariffs of 5 percent to 10 percent will be imposed on a variety of American goods in two batches, with the first going into effect next month and a second scheduled for December, multiple media outlets reported, citing state-run media.

The second batch of tariffs will reportedly include a 25 percent tariff on all U.S. automobiles.

The move comes the same month that President Trump said the U.S. would postpone tariffs on several consumer-related goods that were slated to take effect Sept. 1. Those tariffs were pushed back to Dec. 15 in an effort to shield American consumers from the effects of the trade war heading into the holiday shopping season.

The nonpartisan Congressional Budget Office this week estimated that trade wars are expected to reduce the average U.S. household’s income by $580 by 2020.