The USA and China have once more traded blows in the ongoing trade war, with China retaliating against new US tariffs by imposing duties of its own on a number of US food products, including soyabean oil.
The new 25% and 20% Chinese tariffs were a response to new tariffs by the USA – set to come into effect on 24 September – that targeted another US$200bn worth of Chinese import, wrote Reuters on 19 September.
The 25% tariff list by Chona targeted a wide range of food products, including several edible oils, chicken, beef, lamb, mustard, sugar, milk powder, stuffed pasta and jams.
The 20% tariffs would hit unshelled peanuts, sausages, chocolates, chewing gum, sugar confectionary, honey and cherries, among others.
US soyabean oil exports to China – set to be impacted by 25% duty – generated US$23M in export sales in 2017.
US milk powder exports to China were worth US$67M, while chocolate and other cocoa products earned US$25M in 2017.
The US tariffs against which China retaliated would be set at 10% on 24 September and rise to 25% on 1 January 2019.