USA soybean prices tumble amid trade fight with Beijing

USA soybean prices tumble amid trade fight with Beijing

"The United States will pursue additional tariffs if China engages in retaliatory measures, such as imposing new tariffs on United States goods, services, or agricultural products; raising non-tariff barriers; or taking punitive actions against American exporters or American companies operating in China".

But those tariffs will have an effect on the domestic economy.

Tariffs on the remaining 114 items, including chemicals, medical equipment and energy products, will start later.

China has published its own list of threatened tariffs on US$50 billion of U.S. goods, including soybeans, aircraft and cars, and has said it would hit back if Washington follows up with further measures.

"In today's era, launching a trade war is not in the global interest", China's Commerce Ministry said.

USA soybean futures plummeted earlier this week on fears that a trade war was brimming and China would follow through on its threat of a 25 percent soybean tariff. "All the results from the negotiations previously reached. will be invalid". They are part of Trump's decision to go forward with "pretty significant" tariffs, an administration official said on Thursday.

"We will immediately introduce tariff measures of the same scale and strength".

Beijing rejected that characterization, arguing the USA tariffs were against the rules of the World Trade Organization (WTO) and previous trade negotiations.

In coalition showdown, Merkel allies to decide on migrant plan
Seehofer's ultimatum has become one of the biggest challenges to Merkel's authority since she took power almost 13 years ago. Germany had the most asylum seekers of any European nation, with more than 200,000.

The United States Trade Representative on Friday released a list of $50 billion in Chinese imports that would face tariffs.

In all, 818 products representing $34 billion in US imports will fall under the new tariffs - less than the roughly 1,300 products the administration had initially considered.

"We may be coming closer to the point that it becomes hard for either side to back down".

The two giants have been trading tariffs and threats of tariffs for weeks now.

Meanwhile, Chinese companies use government money to buy USA businesses.

Even American electric carmaker Tesla's CEO, Elon Musk, commenting on China's import duties, tweeted, I am against import duties in general, but the current rules make things very hard. "The two sides have effectively stopped negotiating".

China responded to USA tariffs announced Friday morning with a promise to impose reciprocal levies on a range of American products, including agricultural products, cars and seafood. At an event sponsored by The Washington Post, he added, "If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt".

Analyst BMI Research said Beijing could weather the impact, at least in the short term.

Related Articles

  • Phil Mickelson penalized after hitting moving ball

    Phil Mickelson penalized after hitting moving ball

    Seventeen players were within five strokes of the lead - making for a great afternoon of golf on Sunday, Father's Day. That, at least, might have been excusable, even for a player in his 27th Open who clearly knows better.
    17 killed after nightclub brawl in Caracas

    17 killed after nightclub brawl in Caracas

    It is reported that in Venezuela, in Caracas had died more than 20 people in the explosion at the nightclub. A person activated a tear gas grenade inside the club, while 500 people were at the party.
    2000 families separated at US border in six weeks

    2000 families separated at US border in six weeks

    The church continues: "Christian sacred texts should never be used to justify policies that oppress or harm children and families".
  • Strike on east Syria killed 52 pro-regime fighters

    Strike on east Syria killed 52 pro-regime fighters

    IS overran large swathes of Syria and neighbouring Iraq in 2014, declaring an Islamic "caliphate" in areas under its control. US forces are also based in Tanf, southwest of Albu Kamal in the Syrian desert near the borders of Iraq and Jordan.
    Audi boss Rupert Stadler arrested in Germany over dieselgate scandal

    Audi boss Rupert Stadler arrested in Germany over dieselgate scandal

    Stadler is the most high-profile Volkswagen Automotive Group executive to actually be arrested in the diesel investigation so far. VW's supervisory board is meeting on Monday, where Stadler's future will be among the topics of discussion.
    Audi CEO Rupert Stadler Arrested Over Diesel Emissions Scandal

    Audi CEO Rupert Stadler Arrested Over Diesel Emissions Scandal

    It remains to be seen how long Stadler remains in police custody and whether he's able to remain in his post during his detention. It later admitted so-called defeat devices were fitted to more than 11 million cars worldwide, including 1.2 million in the UK.
  • Kane says England will make the country proud at #WorldCup

    Kane says England will make the country proud at #WorldCup

    Mr Grant, a Brentford fan who lives in north London, said he was "very honoured" to be representing England at the event. The Three Lions are set to kick off their World Cup campaign in a highly anticipated match against Tunisia.
    Cute Charlotte spots Queen waving so she waves just like Gan-Gan

    Cute Charlotte spots Queen waving so she waves just like Gan-Gan

    One day after attending Trooping the Colour , Kate Middleton took George, 4, and Princess Charlotte , 3, to cheer on their dad. Upon spotting her great-grandmother doing something different, she quickly changed and began waving at the crowd herself.
    Refusal to play Eagles: Kalinic sent packing

    Refusal to play Eagles: Kalinic sent packing

    Speaking after Saturday's match, Dalic told reporters his side had finished the 90 minutes without injuries but "with a problem". Kalinic reportedly complained about a back problem, according to media outlet 24sata, but it clearly didn't go down well.
  • Trump says he's directing Pentagon to create a new 'space force'

    Trump says he's directing Pentagon to create a new 'space force'

    It also sets up new guidelines for satellite design and operation, to avoid collisions and spacecraft break-ups. It's part of his policy "to embrace the budding commercial space industry", Trump said.
    U.S.  woman fights off rabid bobcat, strangling it with bare hands

    U.S. woman fights off rabid bobcat, strangling it with bare hands

    The almost 40-pound animal jumped five feet and landed on her chest, and started attacking her face. "I wasn't dying today". Phillips says she was afraid of calling for help because her 5-year-old granddaughter was in the house.
    Oregon LB Fotu Leiato found dead near car crash

    Oregon LB Fotu Leiato found dead near car crash

    According to police, a woman was walking in the area at 6:51 a.m. when she saw a hand, leading to the discovery of Leiato's body. He was expected to play a key role, potentially as a Starter this season under third year Defensive Coordinator Jim Leavitt.