China raises tariff on US soy and pork

A trade agreement between China and the United States seems (still) far away. China on Friday, August 23, decided to increase the tariff on US soybeans by 5%, while the tariff on pork is increased by 10%.

The Chinese sanction is part of a broader package of more than 5.000 goods worth $75 billion. In addition to soybeans and pork, there will also be a tax on American beef, cars and oil, among other things.

From September
The measures will come into effect on September 1 (pork and soy) or from mid-December (cars), reports Bloomberg news agency. China is responding to measures (worth $300 billion) that the United States gave to China earlier this month imposed† They also come into effect 'completely by accident' from September and mid-December. 

China has been imposing a 25% tariff on US soybeans and pork for some time now. These will therefore be increased to 30% and 35% respectively next month.

Wouter Job

Wouter Baan is Head of Meat & Dairy at BoerenbusinessAt DCA Market Intelligence, he focuses on dairy, pork, and meat markets. He also monitors (business) developments within agribusiness and interviews CEOs and policymakers.

w.baan@boerenbusiness. Nl

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