China has imposed retaliatory tariffs on approximately $22 billion worth of US goods, including agricultural exports, targeting President Donald Trump’s rural base in the ongoing trade war between the world’s two largest economies.<\/p>\n
Announced last week in response to Trump’s imposition of an additional 10% tariff on all Chinese goods, Beijing’s latest measures primarily target US agricultural products.<\/p>\n
Soybeans, one of the largest US exports to China, valued at $12 billion last year, are subject to an additional 10% tariff. Cotton, chicken, and corn also face additional tariffs of 15%.<\/p>\n
The vast majority of US agricultural exports to China are now subject to additional tariffs that will erode their competitiveness in the Chinese market.<\/p>\n
Nomura analysts estimate that China’s 10% additional tariff covers approximately $19 billion worth of goods imported from the US, with an additional $15 tariff imposed on $3 billion worth of products.<\/p>\n
Last week, Beijing also suspended all US timber imports, citing pest concerns. US exporters shipped approximately $850 million worth of logs to China last year.<\/p>\n
While Trump acknowledged that the tariffs would cause “a little discomfort,” he told US farmers via social media last week to “start producing a lot of agricultural products to be sold INSIDE the US,” adding, “Have fun!”<\/p>\n
Experts and US farmers are beginning to fear a damaging repeat of the US-China trade war that occurred during Trump’s first term as president.<\/p>\n
Trump’s 2018 tariff war resulted in $27 billion in losses for US agriculture, and farmers received $23 billion in compensation from the federal government due to trade disruptions.<\/p>\n","protected":false},"excerpt":{"rendered":"
China has imposed retaliatory tariffs on approximately $22 billion worth of US goods, including agricultural exports, targeting President Donald Trump’s rural base in the ongoing trade war between the world’s two largest economies. Announced last week in response to Trump’s imposition of an additional 10% tariff on all Chinese goods, Beijing’s latest measures primarily target […]<\/p>\n","protected":false},"author":1,"featured_media":8291,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[4],"tags":[5647,567,7722,529,7723,7721,319,6310,3915,7725,5567,5963,7720,2360,7724,787,821],"class_list":["post-8290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia","tag-agricultural-products","tag-beijing","tag-chicken","tag-china","tag-corn","tag-cotton","tag-donald-trump","tag-economic-impact","tag-exports","tag-farmers","tag-imports","tag-retaliatory-tariffs","tag-soybeans","tag-tariffs","tag-trade-dispute","tag-trade-war","tag-us"],"yoast_head":"\n