China Responds With Tariffs Aimed at U.S. Ag
April 4, 2018
Top U.S. Ag Exports to China Take a Tariff Hit
Hours after Washington unveiled $50 billion in new taxes on Chinese imports, China retaliated by calling for 25% additional tariffs on 106 U.S. items -- including soybeans, frozen beef, cotton, corn and tobacco.
The U.S Soybean Export Council calls the action “regrettable” and says it “won’t solve the trade imbalance” according to Reuters.
Washington’s tariff list of 1,300 products aims to hit back against alleged technology theft - something which China denies.
China is the world’s largest consumer of soybeans, with the U.S. supplying most of the soybeans, followed by Brazil. In 2017, U.S. soybean exports to china totaled 32 million metric tons in the last calendar year, worth about $14 billion.
RFD-TV will continue to cover this important story and the impact it will have on U.S. producers and markets.