US agricultural exports, fuels and manufactured goods are set to take a hit from China’s blanket retaliation against President Donald Trump’s sharp tariffs, with both sets of measures due to take effect next week.
After President Trump announced a 34% new tariff on imports of Chinese goods, taking the added rate imposed this year to 54%, China said it would slap an equivalent across-the-board tariff on US goods, among other countermeasures.
China used to target specific industries in a “mirror response” to US export restrictions, said Emily Benson of consulting firm Minerva Technology Policy Advisors.
However, its broader plan unveiled yesterday marks a…