DES MOINES, Iowa - Following new Trump tariffs announced against China imports, China is proposing a list of 100 new tariffs on American exports, including pork.
Iowa's new Secretary of Agriculture is warning that President Trump's newly-imposed tariffs will hurt the farm economy, after China announced it is considering new tariffs against the United States.
Mike Nag was at an agriculture summit in eastern Iowa Thursday and tells KCRG-TV he wants to see markets grow, not shrink.
U.S. stocks suffered heavy losses Thursday after President Donald Trump unveiled his new tariffs on China imports, $50-billion dollars in new tariffs. The Dow Jones Industrial Average lost more than 700 points, slipping below the 24,000 mark. The sell-off came as Trump announced that the U.S. will impose tariffs on China and restrict the transfer of technology to Chinese firms.
China responded to the new tariffs with a proposed list of its own new tariffs on more than 100 U.S. exports.
According to a post on a China Commerce Ministry website obtained by WHO / WMT Radio News and translated by Google:
The first part covers a total of 120 taxes involving US$977 million in US exports to China, including fresh fruit, dried fruit and nut products, wine, modified ethanol, American ginseng, and seamless steel pipes , and is expected to impose a 15% tariff. The second part covers a total of eight taxes involving US$1.992 billion of US exports to China, including pork and processed products, recycled aluminum, etc., and a 25% tariff is proposed.