Katherine Biek
Mnuchin Downplays Worries About US-China Trade War
Treasury Secretary Steven Mnuchin says the Trump administration hopes to continue discussions with China.
LEARN MOREPosted: 6:50 a.m. EDT Apr 17, 2018
China is slapping a big charge on U.S. imports of sorghum.
China's Ministry of Commerce said it will start charging U.S. companies an almost 179 percent deposit on sorghum shipments to the country beginning Wednesday.
Sorghum is a type of grain that's often turned into ethanol or used to feed livestock. It's also an ingredient in a popular Chinese liquor.
CNN reports China's the largest importer of U.S. sorghum products. But Chinese officials say these imports are hurting the domestic industry, so that's why they imposed the anti-dumping measure.
The sorghum import charge is only temporary, according to China. It will announce a final ruling after it completes its investigation into sorghum imports.
While this sorghum import charge could heighten tensions between the U.S. and China, another Chinese decision announced Tuesday might soften the blow a little.
China now plans to allow all foreign automakers to fully own local ventures by 2022. Currently, these global automakers are having to work with Chinese-owned companies if they want access to the local market and can own no more than 50 percent of the enterprise.
