BEIJING (Reuters) by Josephine Mason – Washington imposed tariffs on $34 billion of Chinese imports on Friday and Beijing has said it will retaliate with punitive measures on U.S. products worth a similar amount, including soybeans, pork and cotton. The Chinese government had not officially confirmed on Friday afternoon that the retaliatory tariffs had taken effect. But the tit-for-tat measures have escalated the trade dispute between the world’s two largest economies and the world’s commodities markets are increasingly embroiled in the bust-up. The higher U.S. tariffs went into effect just after noon in Beijing (0401 GMT). The U.S. and China have also issued a second batch of proposed duties on $16 billion of each other’s goods. These would hit U.S. energy exports, such as coal and crude oil, among other areas. It is unclear when these will come into effect. Below is a detailed breakdown of the markets affected by the tariffs imposed and proposed: FOOD: * Beijing’s tariffs will have the biggest impact on soybeans, the United States’ top agricultural export to China in 2017 worth about $12.7 billion, hurting U.S. farmers in states, such as Iowa and Texas, which backed Republican President Donald Trump in the 2016 election.… continue reading
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Source: CTRM Center