Trade War Rips Through Farm World; Soybean, Hog Prices Fall
- China targets U.S. agriculture products in reciprocal tariffs
- Asian country is world’s biggest importer of pork, soybeans
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Soybean and hog futures fell after China slapped reciprocal tariffs on U.S. imports, putting commodities in the crossfire of an escalating trade war.
Included in China’s 128-item hit list are steel products, ethanol, almonds, fresh and dried fruits, and ginseng. The world’s biggest pork producer, consumer and importer is also planning a 25 percent tax on U.S. imports of the meat. June hog futures in Chicago declined to the lowest since the contract started trading in December 2016.