- China imposed new retaliatory tariffs on U.S. goods. The measures include 15% on chicken, wheat, corn and cotton as well as 10% on beef and soybeans.
- U.S. farmers expressed concern over the impact of escalating trade tensions, fearing it could hinder exports, though goods shipped before March 10 are exempt from the new tariffs.
- Canadian Prime Minister Justin Trudeau’s successor supports retaliation against the U.S., while President Donald Trump threatens to increase tariffs on goods starting April 2.
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American farmers face new retaliatory tariffs on many products they send to China. The measures, beginning Monday, March 10, include an extra 15% duty on chicken, wheat, corn and cotton, and 10% on beef and soybeans.
The Chinese government announced the tariffs during the week of March 3, shortly after President Donald Trump raised tariffs on Chinese products for the second time since he took office in January.
Trump indicated tariffs are needed on imports from China to allow the U.S. to rebuild its industrial sector and generate tax revenue for the federal budget.
What have US farmers said?
Some American farmers said they’re worried escalating trade tensions could make it harder to sell products abroad.
Beijing said goods already shipped before Monday and imported by April 12 would not be subject to the new tariffs.
Crops such as soybeans, wheat and corn generally travel by sea, meaning that China’s customs officials will collect some tariffs until the shipments arrive in China after departing from the U.S. on Monday or later.
What has Canada’s incoming prime minister said?
Meanwhile, Canadian Prime Minister Justin Trudeau’s newly chosen successor, Mark Carney, said he supports Canada’s retaliation against the U.S.
Trump said tariffs on some Canadian and Mexican goods scheduled for April 2 “could go up.”
Commerce Secretary Howard Lutnick said duties on steel and aluminum imports are set to start Wednesday, March 12.
He acknowledged some prices might rise in the U.S., but Trump said any pain would be short-term.
