China raises tariffs on U.S. soybeans, crude oil

China raises tariffs on U.S. soybeans, crude oil

The trade tensions between the U.S. and China are escalating.

Friday morning, China’s Ministry of Commerce announced new tariffs on

$75 billion of imported goods from the U.S.

Bloomberg says that includes an additional 5% tariff on U.S. soybeans,

bringing the total tax to 30%, and another 5% on U.S. crude oil, both beginning

September 1st, along with the renewal of the 25% tariff on U.S. cars, starting

December 15th.

The move is in response to President Trump’s planned 10% duties on

another $300 billion of imports from China, effectively taxing everything the

U.S.

Continue reading China raises tariffs on U.S. soybeans, crude oil at Brownfield Ag News.