China's retaliatory tariffs are a direct hit to U.S. farmers
CBSN
China's retaliatory tariffs went into effect Monday, spelling trouble for American farmers by making U.S.-grown crops more expensive for their top purchaser.
Beijing imposed the levies in response to President Trump's extra 10% blanket tariff on Chinese goods. Under China's retaliatory action, U.S. farmers now face levies of 15% on chicken, wheat and corn, and 10% on soybeans, pork, beef and fruit.
China is the largest market for such products, and if prices of foreign-grown goods rise in China, locals will turn to less expensive alternatives either from China or other countries. American farmers that deal in chicken and more will likely lose market share as a result.
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