Beijing has announced it will impose tariffs on a range of U.S. agricultural products as part of its retaliatory measures against Washington, further escalating tensions between the world’s two largest economies. Effective March 10, China will impose a 10% tariff on American soybean shipments, according to a statement from the country’s State Council. Other U.S. farm exports, including sorghum, pork, and beef, will also be hit with the same tariff rate. Additionally, 15% tariffs will be placed on U.S. chicken, wheat, corn, and cotton.
These tariffs target key American agricultural exports to China, and the announcement comes just weeks before U.S. farmers are set to begin planting crops for the upcoming season. Following the news, soybean futures in Chicago dropped 0.8% as of 1:20 p.m. Beijing time, while corn and wheat prices remained unchanged.
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