China has imposed tariffs on $22 billion worth of US agricultural products in response to Donald Trump’s earlier tariffs on Chinese goods. About this informs Financial Times.
The new tariffs hit key American exports. In particular, soybeans, which in 2023 brought the US $12 billion in export revenue to China, are now subject to a 10 percent tariff. The same duty was applied to pork, beef and seafood. Instead, cotton, chicken and corn were subject to a 15 percent tax.
The 10 percent tariffs cover nearly $19 billion worth of U.S. imports, with another $3 billion of goods subject to a 15 percent levy. In total, restrictions apply to 740 product items. In addition, China has completely stopped importing American wood due to the threat of the spread of pests. In 2023, the US exported roundwood worth $850 million to China.
Nomura’s chief China economist Ting Lu said Beijing’s response was “relatively measured compared to the actions of the US”. He also added that American farmers are unlikely to suffer significant losses in the short term because “other countries will need time to ramp up production of soybeans and other crops to replace American supplies.”
