U.S. soybean prices tumble amid trade fight with Beijing

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President Donald Trump announced Friday that Washington has approved to impose tariffs worth $50 billion on China that was initially announced in April, a move that escalates trade tensions between the world's two largest economies.

The U.S. tariffs are in addition to previously announced duties on imports of steel and aluminum from several countries, including China. "China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer said in a statement on Friday.

Secretary of state Mike Pompeo raised the trade issue directly with China on Thursday, when he met President Xi Jinping and other officials in Beijing, the State Department said.

Despite room for negotiation, Washington chose a trade war with China as a means to gauge and calculate election interests, claimed the Global Times. China has, for example, always been engaging in several unfair practices related to the acquisition of American intellectual property and technology.

"The United States has kept changing its mind and now launched a trade war", the Chinese Commerce Ministry said in a statement. They say those violate Chinese market-opening commitments under the World Trade Organization (WTO).

"We will immediately take tariff measures of the same scale and intensity". International Monetary Fund chief Christine Lagarde said the move could have a "macroeconomic impact" if the US's other trading partners retaliate.

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China previously issued a list of USA products it would hit with 25 percent tariffs in the event of a trade war - from big products like soybeans and beef to more niche items such as bourbon and ginseng - although no timetable was specified. The remaining products being targeted will be decided later.

Washington has also completed a second list of possible tariffs on another US$100 billion of Chinese goods, in the expectation that China will respond to the initial United States tariff list in kind, sources said. They included a variety of agricultural products, including soybeans, corn and wheat along with beef, pork and poultry, plus automobiles - targets that may raise prices for Chinese consumers, but may have a tangential effect on manufacturers.

In his press conference in Singapore on Tuesday, he said the USA has a "tremendous deficit in trade with China and we have to do something about it".

The Chinese government said the tariffs were damaging relations and China's offer to buy up to $70 billion of additional American products was invalid.

"The threshold to come to a consensus or a compromise seems high", JPMorgan Asset Management chief market strategist for Asia-Pacific Tai Hui (許長泰) said.

The announcement led major American allies to promise their own trade measures to answer the American import taxes.

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