China to receive additional customs duty on product of $ 75 billion imported from US

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China has announced a rebuff to increase trade tensions with the US, adding additional customs duties to the US $ 75 billion product.

China’s Ministry of Commerce said in a statement that 5 percent to 10 percent additional customs duties will be charged on 5,078 items imported from the US.

Additional customs duties include agricultural products, crude oil, small aircraft and cars.

Some of the customs duties will be in effect from September 1st and December 15th.

European stock markets turned negative after China’s announcement of customs duty retaliation to the US, while the S&P 500 index futures were down 0.5%.

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