China threatened to impose additional tariffs on $75bn worth of US goods, including a 5% tariff on US oil imports. This follows US President Donald Trump's announcement of 10% tariffs on $300bn worth of consumer goods made in China.
“China’s decision to implement additional tariffs was forced by the U.S.’s unilateralism and protectionism,” China’s Commerce Ministry said in a statement.
Both the Chinese and US measures are slated to take effect in two phases; 1 September 2019 and 15 December 2019.
In the past year, the US exported on 3% of its oil to China, down from 22% in the nine months ended June 2018, Reuters reported, citing the American Petroleum Institute.
China plans to impose additional tariffs ranging from 5% to 10% on 5,078 products from the US, including soybeans and small aircrafts.
The ongoing trade war has led to fears of a global recession, dampening oil prices.