Specialty Crops Mostly Spared from Latest Round of Chinese Tariffs
Following President Donald Trump’s announcement to raise duties on Chinese goods imported to the U.S., the Chinese Ministry of Finance said it will raise tariffs on more than 5,000 U.S. products on June 1 in retaliation.
Increases on the $60 billion goods could be as high as 25%.
Specialty crops were mostly spared in this go-round, with wine, canned and frozen vegetables and fruit being the only exported goods to have increased duties proposed, according to reports from CNBC.
However, the supply side of the agriculture industry will be impacted as U.S. fertilizer exports will be among the products subject to additional duties by China.
China is the third-largest export market for U.S. chemical producers, according to the American Chemistry Council. The ACC says chemical exports to China declined 24% from 2017 to 2018 in part due to tariffs imposed by China. Among goods impacted by U.S. duties include herbicides and plant growth regulators.