US soybean farmers in Ohio hope that a costly trade war between the US and China can be averted. They heavily rely on foreign markets for their business. China buys 60 percent of all US soybean exports.
No group of US farmers has more to lose from a trade war with China than soybean growers. But as Beijing adjusts to new trade realities, Chinese farmers also have a lot on their plates.
The US deficit in foreign trade widened in July by the most in three years, as exports of soybeans and civilian aircraft declined and imports hit a record high. Deficits with China and the EU were the highest-ever.
A fresh round of US President Donald Trump's punitive tariffs on China has begun to bite. It adds another $200 billion in imports to the escalating trade conflict, with Beijing also imposing more retaliatory duties.
Amid intensifying trade friction between Washington and Beijing, a new round of US tariffs took effect on Monday, raising the stakes for both sides. China seems to have several tools up its sleeve to counter US tariffs.
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