BEIJING (AP) — China is set to implement new tariffs on key U.S. farm products starting March 10. This includes an additional 15% tax on imports of chicken, pork, soy, and beef. The decision follows recent actions by the U.S. to increase tariffs on Chinese goods.
The tariffs will hit a range of American agricultural products. Items like chicken, wheat, corn, and cotton will have an extra 15% added to their cost. Other goods, including sorghum, soybeans, pork, and various fruits and vegetables, will see a 10% increase in tariffs.
In another development, China added ten U.S. companies to its “unreliable entity” list. This designation prevents them from participating in trade with China or making new investments. The companies affected include TCOM, Stick Rudder Enterprises, Teledyne Brown Engineering, and several others. Senior leaders from these companies will also be restricted from entering China, and any existing work permits will be revoked.
The list is a response to these firms’ involvement in sales or military cooperation with Taiwan, a territory that China claims as its own.
This action follows China’s addition of two other firms, the fashion company PVH Group and the biotech firm Illumina, to the same list last month. Additionally, 15 more U.S. companies have been placed on China’s export control list, including prominent aerospace and defense firms like General Dynamics and General Atomics. The Chinese government cited concerns for national security for this move.
Despite these tensions, China remains a significant market for U.S. agricultural products. American exports to China for farm goods reached $33.8 billion in the last fiscal year. There was also a notable rebound in exports of soybeans, corn, beef, and other products after a dip during the trade war. However, China is now diversifying its suppliers, increasingly sourcing soybeans from countries like Brazil and Argentina.
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