China has announced it will impose a 34-percent tariff on all U.S. imports starting on Thursday, April 10 as a response to the recent tariffs imposed against them by President Trump.
China’s state news agency says the Chinese government is calling on the U.S. to immediately cancel its unilateral tariff measures and resolve trade differences between the two countries in a manner beneficial to both sides.
“This practice of the U.S. is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” China’s State Council Tariff Commission said in a statement announcing its retaliatory tariffs.
The two countries are locked in a stalemate over China’s alleged role in the flow of fentanyl into America, which Trump cited as a reason behind the previous two rounds of tariffs.
One of the commodities hit hardest since Trump’s reciprocal tariff announcement is U.S. soybeans. From Wednesday afternoon when Trump made his announcement, to the close of trade on Friday afternoon, the May contract for soybeans has fallen by 52 ½ cents per bushel.
The livestock sector, which is greatly dependent upon trade with China as well, has also been greatly impacted since Trump’s tariff announcement. June Live Cattle has lost $9.20 per hundredweight, and June Lean Hogs has fallen by $4.97 per hundredweight.
Source: NAFB News Service.
