Beijing | China announced that it will impose additional tariffs on a total of $75 billion ($111 billion) of US goods in retaliation for President Donald Trump's latest planned levies on Chinese imports.

Some of the countermeasures will take effect starting September 1, while the rest will come into effect from December 15, according to the announcement from the Ministry of Commerce. This mirrors the timetable the US has laid out for 10 per cent tariffs on nearly $US300 billion ($444 billion) of Chinese shipments.

An extra 5 per cent tariff will be put on American soybeans starting next month, and a 25 per cent duty on US cars will resume December 15.

The news from Beijing rekindled concerns about the world's two largest economies and a global growth outlook that's already looking shaky. US stock futures dropped along with Treasury yields and oil prices. Emerging-market and commodity-related currencies also declined, while havens such as the yen and gold were supported.

The announcement comes as leaders from the Group of Seven nations prepare to meet in France and central bankers gather in Jackson Hole, Wyoming, to discuss issues such as the global slowdown. The Chinese announcement was foreshadowed by a tweet from Hu Xijin, the editor-in-chief of the Global Times, a newspaper controlled by the ruling Communist Party.