China will impose additional tariffs of 10%-15% on certain U.S. imports from March 10, according to a statement from the Chinese finance ministry on Tuesday.
U.S. President Donald Trump’s new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, launching new trade conflicts with the top three U.S. trading partners.
COMMENTS: EVEN PAY, AGRICULTURE ANALYST, TRIVIUM CHINA
“The move should not come as a surprise to the Trump administration or to farmers and traders.
“When the U.S. announced punitive tariffs on China under the first Trump administration, China took months crafting its retaliatory moves. Now, it is taking action much faster.”
ROSA WANG, ANALYST, SHANGHAI-BASED AGRO-CONSULTANCY JCI
“From the supply and demand perspective, the short-term impact on the domestic market won’t be significant. The reasons are: 1. It is currently the South American soybean season, while the U.S. soybean is in the off-season; 2. The amount of U.S. soybeans purchased by China has decreased, and the proportion of U.S. soybeans in China’s soybean imports has dropped to 17%.
“However, the large number of products involved this time will add further difficulties to China’s aquatic product exports to the U.S., especially tilapia exports. With the additional 10% tariff, the tariff on tilapia exports to the U.S. will reach 45%, making it basically impossible to export to the U.S.”