...What was called “sabre rattling” last week has advanced to a full out fencing match between the U.S. and China. Both countries are trading attacks and parries with tariffs. In the most recent engagement, beef, corn, and soybeans have been touched. On April 4, the Chinese Ministry of Commerce announced proposed retaliatory tariffs against U.S. products. The estimates—from both the U.S. government and related industry sources, and the Chinese government—value the proposed tariffs at $50 billion total and $16.5 billion for agricultural products. The Chinese action was in response to the U.S.’ announcement the day before of 25 percent tariffs on an estimated $50 billion in Chinese imports. These items included products from “aerospace, information and communication technology, robotics, and machinery,” according to the Office of the U.S. Trade Representative (USTR) announcement. This U.S. announcement followed the April 2 implementation of China’s proposed tariffs on $3 billion worth of U.S. imports, including pork, as reported in last week’s issue of WLJ. “It is unsettling to see American-produced beef listed as a target for retaliation,” said National Cattlemen’s Beef Association’s Director of International Trade and Market Access, Kent Bacus, in a prepared statement. “Sadly, we are not surprised, as this is an inevitable outcome of any trade war. This is a battle between two governments, and the unfortunate casualties will be America’s cattlemen and women and our consumers in China.”... MORE
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