China Puts Tariffs on US Soybean, Corn, Agricultural Commodities

1 week ago

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Beijing will impose tariffs on a slew of US farm products, as part of its countermeasures against Washington, further ratcheting up tensions between the world’s two biggest economies.

China will add 10% duties on American soybean shipments from March 10, the country’s state council announced. American sorghum, pork, and beef will also incur additional 10% tariffs, according to a statement published on the website of the Ministry of Finance. Beijing will also impose 15% extra tariffs on chicken, wheat, corn and cotton from the US.

The measures encompass some of the most important US agriculture exports to China, and comes as American farmers are weeks away from planting crops for the coming season. Soybean futures in Chicago extended losses after the announcement, trading 0.8% lower as of 1:20 p.m. in Beijing. Corn and wheat were steady.