China Targets U.S. Farm Imports With Tariffs

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, reportsBloomberg.

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 reporthere.