China follows through with tariff threats
China has announced that it has placed a series of tariffs on American products, in retaliation to recent U.S. tariffs placed on Chinese aluminum and steel. The list of products to be taxed heavily includes American pork exports, which face a 25 percent tariff.
According to NBC News, the American pork industry sent $1.1 billion in products to China last year, making the Asian country the No. 3 market for U.S. pork.
The pork industry has previously warned about the harm that such tariffs could have on the U.S. agriculture industry.
The Trump Administration is considering additional trade measures against China for technology issues.
Source: NBC News