China to raise tariffs on some U.S. optical fiber products

CFRA Chief Investment Strategist Sam Stovall and Janney Montgomery Scott Director Dan Wantrobski on the effect that trade wars have on the market.

China is serving up the latest volley in the tit-for-tat exchange of tariffs with the U.S.

China's commerce ministry said on Tuesday it is raising "anti-dumping tariff rates" for some optical fiber products originating from the United States, effective on Wednesday, July 11, according to Reuters.

The new anti-dumping tariff rates for a type of single-mode optical fiber imported from the U.S. range between 33.3 percent to 78.2 percent, compared with 4.7 percent to 18.6 percent as set in 2011.

Among the companies to be affected by this would include Corning, OFS Fitel and Draka Communications Americas, according to the ministry.

The U.S. tariffs on $34 billion of Chinese goods went into effect on Friday July 6 and were quickly matched by an equal amount of duties put on U.S. goods by China.