Chinese officers on Friday announced increased tariffs on several U.S. agricultural items, together with a 10% increase in beef and pork. It was the most recent salvo in response to U.S. duties on $300 billion of Chinese imports. It additionally comes as China is forced to extend imports of pork and beef because of African swine fever.
U.S. pork producers already faced a 62% tariff on their exports, a measure China imposed final year in another retaliatory volley.
In a statement released Friday, Jim Monroe, assistant vice president of the National Pork Producers Council mentioned: “Any escalation in the trade dispute with China is a serious concern to U.S. pork producers. China, the largest pork-consuming nation in the world, is seeking reliable sources of pork because it offers with African swine fever. There is no more reliable supply than the United States. U.S. pork producers are desirous of competing on a level playing field in China and of participating in this unprecedented alternative more fully. Unfortunately, the current trade dispute prevents us from doing so.”
An escalation of the U.S.-China trade battle threatens the global economy, warn analysts. The Dow Jones Industrial Average sank for more than 600 points Friday (nearly 2.4%) following news of the elevated tensions between the world’s two largest economies.
Business leaders stated Trump doesn’t have the authority to pressure U.S. firms to withdraw their businesses from China, and so they additionally warned halting sales to such a significant trading partner would further damage American corporations and the overall economy.
The new Chinese tariffs vary from 5% to 10% and take effect Sept. 1 and Dec. 15 — the same date Trump’s latest tariffs on $300 billion in Chinese goods are slated to kick in.