Shortly after the Trump Administration announced plans to impose $50 billion in tariffs on Chinese products, China responded with penalties in the same dollar range. China’s Foreign Ministry said the U.S. is “provoking the trade war” and targeted high value products including agricultural commodities. In a statement, the American Soybean Association said U.S. soybean farmers will quickly feel the impact of this retaliation. China is the largest export market for U.S. soybeans, accounting for $14 billion in sales last year.
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