Tariffs on Chinese goods to begin July 6th

The green light being given to impost a 25 percent tariff on $50 billion worth of goods imported from China.  They will apply to 1,102 products and be divided into two parts - the first set will be on 818 product lines, or about $34 billion and customs agents will begin collecting the duties on July 6th.  The second set will apply to the remaining $16 billion of imports, or 284 product lines, and go into effect at a later date.  Overnight, the soybean market was down 13 - 16 cents per bushel on the news, in some cases reaching new contract lows.

 

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