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Beijing will impose tariffs on a range of agricultural products in the United States as part of its countermeasures against Washington, further exacerbating tensions between the world's two largest economies.
The country's State Department announced that China will increase its 10% responsibility for U.S. soybean goods. U.S. sorghum, pork and beef will also increase tariffs by 10%, according to a statement published on the Treasury Department’s website. Beijing will also impose an additional 15% tariff on U.S. chicken, wheat, corn and cotton.
These measures cover some of the most important agricultural exports from the U.S. to China and are weeks apart as U.S. farmers are growing crops for next season. Chicago's soy futures extended losses after the announcement, down 0.8% as of 1:20 p.m. Beijing. Corn and wheat are stable.
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