China is retaliating against President Donald Trump’s tariffs on China by imposing additional 15% taxes on key American farm products, including chicken, pork, soybeans and beef.

Summary

China imposed an additional 15% tariff on U.S. farm products like soybeans, pork, and beef in retaliation for Trump doubling tariffs on Chinese imports to 20%.

The move rattled markets as investors feared economic fallout. Trump plans to remove steel tariff exemptions and increase aluminum tariffs.

Economists warn tariffs raise consumer prices and stifle innovation. U.S. farm exports to China have declined, with January sales down 56% year-over-year.

During his first term, Trump used taxpayer funds to compensate farmers for lost exports.