Key swing states are among hardest hit by China’s tariffs via YahooFinance
Last week, President Trump moved to raise tariffs on $200 billion of Chinese imports. Now, China said it is retaliating by hiking tariffs on $60 billion of U.S. goods, to take effect June 1.
According to the USDA, U.S. agricultural exports to China reached $23.8 billion in 2017 – good for 17% of total U.S. agricultural exports. Last August Trump announced a plan to increase tariffs on $200 billion of Chinese imports to 25% from 10% . The move led to retaliation by China, which imposed 25% tariffs on $16 billion of U.S. goods.
Responding to U.S. farmers’ pain, Trump said on Monday his administration plans to provide about $15 billion in aid to help farmers whose products may be targeted with tariffs by China. Slok says economists and investors are now questioning whether more soybean tariffs by China are coming and which states will be impacted.
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