China's New Tariffs On US Imports Threaten American Farmers
Americans in the agricultural business are worried that escalating trade tensions between the two countries could decrease demand for their products.
China's decision to put retaliatory tariffs on dozens of American imports will impact farmers across the U.S.
Among the 128 new tariffs China announced Sunday are a 25 percent hike on U.S. pork and a 15 percent increase on sparkling wine and a variety of fruits and nuts.
China said it's imposing the import duties in response to a U.S. tariff hike on billions of dollars worth of Chinese imports, which President Donald Trump announced last month.
Trump has said the tariffs on China's goods will protect the U.S. economy. And experts say the immediate impact of China's retaliatory move shouldn't be too large.
But Americans in the agricultural business are worried that escalating trade tensions between the two countries could decrease demand for their products.
And they fear even more substantial tariffs could be on the horizon. As Time notes, China has hinted at a possible tariff on soybeans — which is one of the leading U.S. agricultural exports.
According to the Department of Agriculture, the U.S. sent more than $21 billion worth of agricultural exports to China in 2016.
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