China to impose new tariffs on $75 bn of US imports

China announced Friday it will hit US soybeans, lobsters, peanut butter and other imports worth $75 billion with new tariffs in retaliation for Washington's planned duty hikes, further intensifying the bruising trade war between the world's top two economies. The punitive tariffs of 5 to 10 percent will apply to 5,078 items from the US, starting September 1 and December 15, China's state council tariff office said. Beijing also announced it will reimpose a 25 percent tariff on US autos and a 5 percent tariff on auto parts, also starting December 15.