China just slapped new tariffs on American goods. Here are the products that stand to be the most affected by the new levies.
China announced Friday it will impose new tariffs on $75 billion worth of U.S. goods in addition to restarting levies on American autos.
The Chinese State Council said it decided to impose the tariffs of either 5% to 10% on either Sept. 1 or Dec. 15. China also added a 25% tariff on U.S. cars and a 5%tariff on auto parts and components, which will go into effect Dec.15.
Electronics, including cellphones and chips, is the category with the biggest value of American imports into China. Apple shares dropped 4.6%. The VanEck Vectors Semiconductor ETF (SMH) slid 3.95% while Nvidia fell 5.3% and Broadcom declined 5.4%.
Machinery is another large category of Chinese imports, which dragged down shares of Caterpillar by 3.3%.
Following China’s tariff announcement President Donald Trump ordered in a series tweets that U.S. manufacturers find alternatives to their operations in China, sending markets plunging.