Washington Post is reporting that china has announced their retaliation to Trump's latest tariff increases. Details are pretty sketchy because AFAIK its still pretty new, but article says China is readying increased tariffs on $60b of US imports from June 1. Increases are supposed to range from 25% to 10% depending on product ... (percentage figures sourced from live coverage on the Guardian)... "with the steepest penalties hitting certain beef, live plants, dyed flowers, and a range of fruits and vegetables. The tariffs would range from 5 percent to 25 percent ".
So it seems they are targeting the agricultural sector which is probably par course and what was expected. I imagine the US will be redirecting a good chunk of the tariff revenue to subsidizing affected farmers. Probably not a good time to be invested in agribusiness or to have large positions in soy futures.
Submitted May 13, 2019 at 09:15AM by iced_maggot http://bit.ly/2Hxi9RN
