China announced on Friday that it will impose additional tariffs on $75 billion of U.S. goods in retaliation for President Donald Trump’s latest planned levies on Chinese imports. The measures include an added 5% tariff on soybeans and 10% on American pork as of Sept. 1. Corn and cotton products were also on the list.
 
November soybean futures in Chicago erased early gains and closed down 1.4%, extending losses after Trump said he’ll announce a response to the latest Chinese tariffs Friday afternoon. Cotton and hog futures both slumped, as did shares in crop handler Andersons Inc. and tractor maker Deere & Co.
 
Corn also declined, although with China no longer a big player in U.S. corn, traders are more focused on Midwest crop development than the trade war.
 
“This escalation will affect us not because of the increasing tariff on our sales, which have been at a virtual standstill for months, but through time,” Davie Stephens, president of the American Soybean Association, said in an emailed statement. “The longevity of this situation means worsening circumstances for soy growers who still have unsold product from this past season and new crops in the ground this season.”
 
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