President Trump announced $60 billion worth of import tariffs on Chinese goods
By Diego Flammini
News Reporter
Farms.com
The U.S. Department of Agriculture will protect the interests of America’s farmers and ranchers should a trade war with China begin.
"The United States stands ready to defend our producers that may be harmed by foreign country retaliation, in particular farmers and ranchers who are often the first to be targeted by trade actions," a USDA official told CNBC in an email yesterday, responding to a Chinese nationalist tabloid's editorial that accuses the U.S. of breaking World Trade Organization rules.
Yesterday, President Trump announced $60 billion worth of import tariffs on Chinese goods. Today, China’s Ministry of Commerce released a list of 128 U.S. products that could face import tariffs of 10 or 25 percent.
Soybeans are not one of the products on the list. Many groups feared China, the largest importer of U.S. soybeans, would place import tariffs on the crop.
If China does impose tariffs on U.S. soybeans, the results could be catastrophic, the American Soybean Association (ASA) said.
“Trade is an existential issue for soybean farmers. We export over half of our crop,” John Heisdorffer, ASA president, said in a statement yesterday. “China is the largest driver of world demand for soybeans. The tough line the administration is taking on China will lead to retaliation that will cost many farmers their livelihoods.”
China has, however, put other U.S. agricultural goods on its list of products that could be subject to import tariffs.
The list includes coconuts, wine, pork, strawberries, apples and ethanol, according to a translation of the list.
The complete list represents $3 billion worth of American products China imported in 2017.
China doesn’t want a trade war with the U.S. but does not fear one, according to a statement yesterday from China’s embassy in Washington.
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