China strikes at U.S. farming as soybeans enter trade war
China strikes at U.S. farming as soybeans enter trade war
By Alfred Cang, Phoebe Sedgman, Niu Shuping | Bloomberg
Soybeans have finally entered the U.S.-China trade war.
China’s Ministry of Commerce on Wednesday said it plans to impose 25 percent duties on imports of the commodity in addition to other U.S. agricultural produce including wheat, corn, cotton, sorghum, tobacco and beef. They’re among 106 products ranging from aircraft to chemicals targeted by Beijing in retaliation against proposed American duties on its high-tech goods.
“China’s response carries both economic and political weight as agricultural states are major supporting regions for Trump,” said Monica Tu, an analyst at Shanghai JC Intelligence Co. “The tariffs on U.S. imports including soybeans is China’s response that matches the scale of proposed U.S. tariffs.”
Soybeans on the Chicago Board of Trade dropped as much as 5.3 percent, while wheat and corn futures also slid.
https://www.mercurynews.com/2018/04/04/china-strikes-at-u-s-farming-as-soybeans-enter-trade-war-1/
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