MORE TARIFFS ON AMERICAN GOODS – SOYBEANS PARTICULARLY IMPACTED
On Friday, China announced another round of retaliatory tariffs, equaling about $60 billion in U.S. goods.
Politico reported that China proposed that nearly half of the targeted U.S. goods be hit with a 25 percent tariff, including U.S. energy exports like biodiesel and liquefied natural gas and more U.S. agricultural goods like lamb and honey.
The Wall Street Journal reported other targeted items included copper, logs, textiles, chemicals, pigments, fishing gear, sporting equipment, Christmas supplies, furniture, upright pianos, tires, condoms, engines, juices, gin, sparkling wine, non-alcoholic beer, communion wafers and bottled water.
American businesses, including farmers, are caught squarely in the middle of the trade war, which many believe will simply result in higher tariffs for goods traded between America and China and will not alleviate the problems at the foundation of the trading relationship.
Politico reports that Trump plans to implement another 25 percent duty on approximately $16 billion of Chinese goods in the coming weeks.