Additional tariffs, ranging from 10% to 15% on products imported by the US, will start to be valid from March 10
A decided to implement additional tariffs on Tuesday ranging from 10% to 15% on a number of food products imported by like soy, wheat and chicken. This action is a direct response to the tariffs already imposed by Americans and intensifies the current trade war between the two nations. The new measures coincide with the expectation of economic ads by Xi Jinping, which aim to mitigate export losses.
These rates, which will start to be valid from March 10, include a 15% rate on chicken, wheat, corn and cotton, plus 10% over sorghum, soy, pork, beef, water products, fruits, vegetables and dairy products.
“Additional rates of 15% will be imposed on chicken, wheat, corn and cotton. Additional 10% rates will also be imposed on sorghum, soy, pork, beef, water products, fruits, vegetables and dairy products, ”said the Ministry of Finance.
In an additional movement, China has also added 10 US companies to its list of entities considered unreliable and imposed restrictions on 15 other companies.
New tariffs have a significant impact on US agricultural exports, especially at a delicate time for farmers in the country. Soy, which is one of the main exported commodities, registered a drop of approximately 0.6% on its futures on the Chicago Stock Exchange, reflecting the industry’s concern.
Although China’s response is considered less severe compared to the first phase of the trade war, which took place between 2018 and 2019, commercial tensions between the two countries continue to get worse. In addition to tariffs, the Chinese government also prohibited the importation of Illumina’s genetic sequencing machines and released an official document on the control of fentanil production.
*Report produced with the aid of AI
Posted by Victor Oliveira
