China strikes back with duties on U.S. soybeans, planes and cars, sending global markets down

BUSINESS

China strikes back with duties on U.S. soybeans, planes and cars, sending global markets down

Workers load imported soybeans onto trucks at a port in Nantong in China's eastern Jiangsu province on Wednesday. China unveiled plans Wednesday to hit major U.S. exports worth $50 billion, such as soybeans, cars and small airplanes, with retaliatory tariffs in an escalating trade duel between the world's two top economies. | AFP-JIJI

Apr 5, 2018

BEIJING/WASHINGTON – Reuters

China hit back quickly on Wednesday against U.S. plans to impose tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key American imports, including soybeans, planes, cars, beef and chemicals in a move that sent global markets lower.

Beijing responded after U.S. President Donald Trump’s administration targeted 25 percent tariffs on some 1,300 Chinese industrial technology, transport and medical products, acting less than 11 hours later in a sharp escalation of the trade dispute between the world’s two economic superpowers.