China slaps new tariffs on 106 U.S. products

Apr 04, 2018, 6:55 AM EDT
China has raised tariff on soybean, a major import from the U.S.
(Source: United Soybean Board/flickr)

China reciprocated the U.S. gesture of imposing new tariffs on 1300 of its products by announcing 25% trade tariffs on a list of 106 American products on Wednesday, criticizing Washington’s action as a blow to either country’s interest.

China’s latest move, which hikes tariff on a major import soybean, is “a real shot over the bows of the Trump administration, and might affect American farmers while also raising the price of imported pork for the U.S. as prices of soybeans go up for Chinese farmers, notes The Guardian.

S&P Global Ratings opines that China’s declining dependence on exports in recent years is likely to offset the impact of U.S. tariffs, writes the BBC.