China Targets U.S. Farm Imports With Tariffs on Soy, Corn
- Additional 25% tariffs targeting $50 billion of U.S. imports
- Penalties on beef, cotton, wheat, sorghum, rice start July 6
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Trade tensions between the U.S. and China ratcheted higher after the Asian nation said it will follow through on plans to levy tariffs on a range of American farm goods including soybeans and corn.
An additional 25 percent tariff will levied on about $50 billion of U.S. imports, China’s Ministry of Finance said Saturday in a statement on its website. Tariffs on about $34 billion of those imports will start July 6, covering agricultural products including: soy, corn, wheat, cotton, rice, sorghum, beef, pork, poultry, fish, dairy products, nuts and vegetables.