China may hike tariffs on U.S. farm products, pipes to hurt Trump
Beijing is looking to hit Washington where it hurts the most, imposing higher tariffs on U.S.-made stell pipe, pork and apple products as trade relations with the Trump administration continues to heat up.
Investors and businesses are now worried over the possible impact of the stiffer duties on the commodities, valued at least $3 billion, with both United States and China showing no signs of settling trade war any time soon.
Trade tensions has now reached financial markets with shares in Wall Street tumbling, affecting Asian markets – with Nikkei 225 index falling 3.5 percent, Hong Kong’s Hang Seng losing 2.8 percent and Shanghai Composite index slipping 3.1 percent.
Beijing retaliated by imposing tariff hikes after the Trump administration threatened to increase duties on Chinese steel and aluminum. China is hoping that the higher tariff on U.S. farm produce will directly impact farmers who voted for Donald Trump.