The trade dispute between the U.S. and China just got real. The Chinese announced a proposed 25 percent tariff on U.S. soybeans. China is the world’s largest soybean importer, representing a $14 billion market for the United States. This back-and-forth trade war is escalating and now U.S. soybeans and other agricultural commodities are in the cross-hairs. China has not said when the tariffs will take effect. The tit-for-tat began with U.S. tariffs on steel and aluminum. China responded with a 25 percent tariff on U.S. pork imports and duties on nearly 130 other U.S. products. On Tuesday, the Trump team published a list of 1,300 Chinese exports that will face new tariffs. China targeted soybeans, corn, wheat, cotton, beef and more on Wednesday followed by Trump’s threat of an additional $100 billion in additional tariffs on Chinese goods.
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