China Ups Ante on More U.S. Agricultural Products

(BEIJING, CHINA) The tit-for-tat trade war is on between the United States and China as the red state followed through Saturday with tariffs on $60 billion worth of U.S. imports. Included in the list of American goods hit with the new tax: biofuels, peanuts, poultry, sugar, and wheat. Of course, U.S. soybeans have been facing a 25 percent tariff for months which has led to demand from China basically drying up. CNBC reports that President Trump may not be finished yet. The latest round of tariffs from China came on the heels of Trump’s decision to hit an additional $200 billion worth of Chinese imports last month. Now, Trump is threatening 25 percent tariffs on another $325 billion worth of untaxed goods. In the meantime, trade negotiators from both sides continue to meet though no agreement is in sight since the Chinese walked away from an earlier deal in May. Trump and Chinese President Xi Jin Ping are expected to meet face-to-face next month at a G-20 summit in Japan.