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, reports Bloomberg.
An additional 25% 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 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 still buys more soybeans from the U.S. than any other agricultural commodity, -- it’s the world’s biggest importer and America’s largest buyer.
Read the full report here.
