China announced that US poultry, wheat, maize, and cotton will be subject to 15% tariffs; the Commerce Ministry warned that 10 US businesses would be placed on an untrustworthy list.
According to a March 4 statement from the Chinese finance ministry, China will begin imposing additional 10%–15% tariffs on specific US products on March 10.
China announced that US poultry, wheat, maize, and cotton would be subject to 15% tariffs.
Additionally, China announced that it would levy 10% tariffs on US dairy products, fruits, vegetables, seafood, sorghum, cattle, pork, and soybeans.
Fresh trade disputes with the top three US trading partners began on Tuesday when US President Donald Trump doubled charges on Chinese goods to 20% and imposed fresh 25% tariffs on imports from Canada and Mexico.
Ten American businesses, mostly engaged in construction and defense, will be placed on an untrustworthy list, according to the Chinese Ministry of Commerce. In a previous statement, the department criticized the action, urging Washington to resume talks and promising to take retaliatory action.
“There won’t be much of an immediate effect on the local market from the standpoint of supply and demand. The reasons are as follows: 1. The U.S. soybean is in the off-season and the South American soybean season is presently underway; 2. China has bought fewer U.S. soybeans, and the share of U.S. soybeans in China’s soybean imports has fallen to 17%.
However, China’s exports of aquatic items to the United States, particularly tilapia, may face additional challenges because of the sheer volume of products involved this time. Rosa Wang, analyst with Shanghai-based agro-consultancy JCI, told Reuters that the 10% tax would raise the levy on tilapia exports to the US to 45%, effectively making exporting to the US impossible.
China’s commerce ministry issued a second statement saying, “The US’ unilateral tariff measures seriously violate World Trade Organization rules and undermine the basis for economic and trade cooperation between China and the US.”
According to the U.S., China provides the chemicals needed to produce fentanyl. China has refuted any misconduct.
President Donald Trump reaffirmed Tuesday that his administration will proceed with levies against Canada and Mexico, prompting the Canadian government to launch a broad set of counter-tariffs against US-made goods.
According to Trudeau, unless the US lowers its tariffs, the first phase, which consists of 25% tariffs on goods valued at roughly C$30 billion ($20.6 billion) from US exporters, will take effect at 12:01 a.m. New York time. In three weeks, C$125 billion worth of goods, including expensive ones like cars, trucks, steel, and aluminum, will be subject to a second round of duties at the same rate.
