04-03-2025
China to impose extra tariffs of 10 percent-15 percent on various US products
China will impose additional tariffs of 10 percent-15 percent on certain US imports from March 10, according to a statement from the Chinese finance ministry on Tuesday.
US President Donald Trump's new 25 percent tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20 percent, launching new trade conflicts with the top three US trading partners.
Industry experts and analysts weigh in on the impact of China's tarrifs.
Comments:
Ole Houe, Director of advisory services, Ikon Commodities, Sydney
'It is broadly negative for US agricultural markets. It is going to have a bearish influence on prices. There are enough corn and soybean supplies in the world for China to make the switch, it is more of an issue for the US, 30 percent of US soybeans still go to China.'
Even Pay, Agricultural analyst, Trivium China
'It's notable that Beijing's response is restrained. Trump has now imposed a total of 20 percent tariffs on all Chinese products. China's tariffs impact a limited number of US products, and remain below the 20 percent level. This is by design. China's government is signaling that they do not want to escalate, they want to deescalate.'
Rosa Wang, analyst, Shanghai-based agro-consultancy JCI
'From the supply and demand perspective, the short-term impact on the domestic market won't be significant. The reasons are: 1. It is currently the South American soybean season, while the US soybean is in the off-season; 2. The amount of US soybeans purchased by China has decreased, and the proportion of US soybeans in China's soybean imports has dropped to 17 percent.'
'However, the large number of products involved this time will add further difficulties to China's aquatic product exports to the US, especially tilapia exports. With the additional 10 percent tariff, the tariff on tilapia exports to the US will reach 45 percent, making it basically impossible to export to the US.'
