The soybeans tariff though may be a hard one for China to play out, since the U.S. does actually produce very cheap soybeans for that matter and with a weakening USA dollar it only helps that case even more. In recent years, cherries have sold in China for between $7 and $10 a pound, so a 15 percent tariff would add between $1 and $1.50.
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Fears of a US-China trade war in the making has driven the dollar down against a numbercurrencies and ramped up foreign demand for dollar-denominated gold.
The tariffs will be imposed under Section 301 of the 1974 U.S. Trade Act, following an intellectual property probe that began in August previous year.
The president argues China doesn’t play fair on trade, which is why there’s such a large trade deficit in its favor between the two countries.
Minnesota is the number three pork producer in the nation, and there’s concern about what impact a 25 percent tariff will have on local farmers.
After China responded to the steel and aluminum tariffs with its own on USA food goods, the White House lashed out. “A comprehensive approach is necessary to address complex worldwide trade issues and we should continue to work through the World Trade Organization and alongside our partners in the global community”.
“The China market for produce from the Northwest is pretty important to us”.
“China’s suspension of its tariff concessions is a legitimate action adopted under WTO rules to safeguard China’s interests”, the Chinese finance ministry said.
Cui’s comments came less than 24 hours after President Xi Jinping’s government imposed tariffs worth $3 billion on a host of food and wine products in response to U.S. sanctions on cheap steel and aluminum imports. Policies should be tailored to control risks in different financial markets, he said. Business groups complain that strategy, dubbed “Made in China 2025”, will limit or outright block access to those industries.
Jim Schumacher, co-owner of Schumacher Ginseng in Marathon, Wis., said the 15 percent tax will hurt: “You’ve got to be price-competitive, even if you have the top-quality product”.
China warned Tuesday that it will respond to any US trade penalties with countermeasures of the same scale and intensity.
Donald Trump’s claim to fame was a long career at the helm of a global real estate empire, throughout which he constantly found himself on the receiving end of coverage in news media circles around the world.
Now he is moving toward steep tariffs to pressure Beijing into treating US technology companies more fairly.
Experts say they expect further retaliation from China once the Trump administration reveals more details on which products its planned $50 billion in tariffs will target. But the White House has unveiled plans to impose new tariffs on about $60 billion of Chinese imports over the “theft” of intellectual property.
While there have been contacts between senior members of the Trump administration and their Chinese counterparts since Trump announced his intention to impose tariffs, there has been little evidence of intensive negotiations to forestall them.
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Rep. Cathy McMorris Rodgers said the announced tariffs threaten jobs and economic growth in the region.
