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…
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