Breaking: China announces new tariffs on $75 billion worth of US goods, USD/JPY drops sharply

Confirming Global Times' earlier reports, China has recently announced that it is planning to raise import tariffs on some US imports, per Reuters.

"New tariff rates will apply to about $75 billion worth of US goods," China stated. "New tariff rates imposed on some US goods will be ranging from 5% to 10% and will take effect on September 1 and December 15."

With the initial reaction to this announcement, the USD/JPY erased its daily gains and was last seen trading at 106.42. Meanwhile, the US Dollar Index is still up 0.13% on the day at 98.33.