On Friday, Chinese officials announced the country would again raise tariffs on $75 billion in U.S. products.
The announcement included details on an extra 5 percent tariff on U.S. soybeans starting Sept. 1 and an additional 10 percent duty on other major U.S. crops starting mid-December. Additionally, pork and beef will face 10 percent higher tariffs on Sept. 1. This information comes after China vowed it would retaliate if the U.S. goes through with its plan to broaden tariffs on Chinese goods on Sept. 1 and during a time when China has struggled with African swine fever.
These additional tariffs will place soybean tariffs at 30 percent and retaliatory pork tariffs at 60 percent in addition to the 12 percent standard duty from the country. The Chinese retaliatory tariffs will also include an increase on import duties on automobiles and auto parts.
The U.S. has said it plans to impose 10 percent tariffs on $300 billion of Chinese goods on Sept. 1 and Dec. 15.
President Donald Trump responded with a tweet stating, “We don’t need China and, frankly, would be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP.
“Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.”
Davie Stephens, president of the American Soybean Association, said on behalf of the association, “ASA has strongly requested an end to the tariffs on U.S. beans for more than a year. This escalation will affect us not because of the increasing tariff on our sales, which have been at a virtual standstill for months, but through time. The longevity of this situation means worsening circumstances for soy growers who still have unsold product from this past season and new crops in the ground this season — with prospects narrowing even more now for sales with China, a market soy growers have valued, nurtured, and respected for many years.”
ASA also stated it “would like to see both parties — China and the United States — step up, stop tariffs, and find a resolution that does not target soy growers trapped in the middle. Real people — Chinese citizens, the American public, and our soybean farmers — are the ones feeling the effects of this trade war.”
In a statement on Friday, Jim Monroe, assistant vice president of the National Pork Producers Council said, “Any escalation in the trade dispute with China is a major concern to U.S. pork producers. China, the largest pork-consuming nation in the world, is seeking reliable sources of pork as it deals with African swine fever. There is no more reliable source than the United States. U.S. pork producers are eager to compete on a level playing field in China and to more fully participate in this unprecedented opportunity. Unfortunately, the current trade dispute prevents us from doing so.”