China announces retaliation for US tariffs on Chinese goods

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. According to Bloomberg, 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 worth 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. China is one of the world’s fastest-growing beef import markets as western-style steak becomes more popular with middle-class consumers and land constraints limit domestic supply. The Asian country only started buying American beef again last year after banning imports in 2003. –USAgNet Read more…