Trump plans more China tariffs, soybean price tanks
President Donald Trump tweeted Thursday that he intends to put a 10% tariff on another $300 billion in Chinese goods on Sept. 1.
The White House said Wednesday that China had promised to buy more agricultural products, but on Thursday in his series of tweets, Trump said China did not buy large quantities of U.S. food products fast enough.
After his tweets Thursday, soybean futures fell 2%, AgriCensus, a London price reporting agency, said. Analysts said that almost all Chinese imports to the United States will be subject to the tariff, and stock markets fell.
Senate Finance Committee ranking member Ron Wyden, D-Ore., said, “I am always first in line for getting tough on China. But Trump doesn’t have any strategy to get China to stop cheating on trade — the only thing he knows how to do is raise tariffs.”
“The tariffs announced today will raise costs on everything from computers to backpacks to clothes as kids go back to school, without any reason to think that it will make China stop stealing our technology and undercutting American jobs,” Wyden said. “Trump said he’d bring back Americans’ jobs, instead he’s picking their pockets.”