China imposes tariffs on more than 100 US products - media

China imposes tariffs on more than 100 US products - media

China said it would place 25% trade tariffs on 106 US goods, the Ministry of Commerce in Beijing said.

The Asian nation plans to impose 25% duties on a slew of US agricultural commodities such as soybeans, wheat, corn, cotton, sorghum, tobacco and beef. They are among 106 US products targeted ranging from automobiles to chemicals and aircraft, Bloomberg reported.

Soybeans on the Chicago Board of Trade dropped as much as 4.2%, while wheat and corn futures also slid.

China is the world’s largest soybean importer and biggest buyer of the oilseed from the US with trade worth about $14 billion last year. The Asian nation’s purchases have climbed to a record as expansion in large-scale livestock farming and a shortage of protein-rich feed grains boost soymeal consumption.

Earlier in the day, US president Donald Trump’s administration proposed imposing 25% tariffs on about $50 billion worth of Chinese-made products. That was after Chinese tariffs on 128 American goods including wine and pork took effect on April 2.

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