China retaliates for U.S. tariffs, slaps duties on key U.S. imports

Soybeans are considered one of the most powerful weapons in Beijing’s trade arsenal because a drop in exports to China would hurt Iowa and other farm states that backed U.S. President Donald Trump

China hit back on Wednesday at the Trump administration’s plan to slap tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key U.S. imports including soybeans, planes, cars, whiskey and chemicals.

Beijing’s list of 25 percent additional tariffs on U.S. goods covers 106 items with a trade value matching the $50 billion targeted on Washington’s list, China’s commerce and finance ministries said.

The effective date will depend on when the U.S. action takes effect.

The announcement triggered further heavy selling in global stock markets and commodities, with U.S. stock futures sliding 1.5 percent, soybean futures