China responds to the US with a 10% tariff increase on pork and beef

After the United States announced tariffs on products imported from China, among other nations, the Asian country retaliated by raising import duties on U.S. agricultural and food products by 10% to 15%, according to Reuters.

Specifically, Beijing will impose an additional 15% tariff on imports of chicken, wheat, corn, and cotton, and an extra 10% on soybeans, sorghum, beef, pork, seafood, fruits, vegetables, and dairy products from the United States, starting March 10, according to a statement from the Ministry of Finance.

China also placed 25 U.S. companies under export and investment restrictions for national security reasons, the news agency said.

In a press conference, China’s Ministry of Foreign Affairs stated that “trying to exert extreme pressure on China is a miscalculation and a mistake (overall).”

The countermeasures announced by China were generally considered “cautious” by international trade analysts.

The announcements had little impact on China’s main indicators yesterday; in fact, stock markets managed a slight increase, while the yuan remained stable.