China retaliates against US with tariffs on food and agricultural products

Beijing retaliated against the Americans on Tuesday (March 4), increasing its own tariffs on US food imports and effectively blocking sales to 15 companies in the country.

Rates 15% and 10%

China’s Finance Ministry imposed 15 percent tariffs on imports of American chicken, wheat, corn and cotton, and 10 percent tariffs on other food products, including soybeans and dairy products. The Commerce Department also said 15 American companies, including Skydio — the largest U.S. drone maker and a supplier to the U.S. military and emergency services — would no longer be able to buy Chinese products without special permission.

CHINA is the largest overseas market for American farmers, exerting a strong influence on prices and demand in Midwestern commodity markets.

The Asian power also filed a case at the World Trade Organization, arguing that the Americans were not abiding by the cartel's rules. Canadian Prime Minister Justin Trudeau raised tariffs on nearly $100 billion in U.S. imports for 21 days.

Trump argues that his tariffs are necessary to stop the supply of fentanyl, a synthetic opioid that has caused hundreds of thousands of overdose deaths, into the United States.