Aug 6, 2018
NASHVILLE, Tenn (RFD-TV) China’s proposed tariff retaliation caused the soybean market to fall overnight. The country plans to impose taxes on $60 billion worth of U.S. goods if the Trump Administration follows through with new threats. China’s 5-25% taxes would hit more than 5,000 kinds of American imports, including meat, wheat, wine, and liquid natural gas. The country says its countermeasures are rational and restrained.
Last week, Washington confirmed it was prepared to bump duties on $200 billion worth of Chinese products from 10-25%. Some reports say the recent U.S. threats are to force China back to the negotiating table. The two countries have not had formal trade talks since early June. Reuters reports that two senior diplomats met Friday at a Regional Summit in Singapore. China says it is willing to resolve differences “on the basis of an equal footing and mutual respect,” but didn’t give specifics on the talks.
