China-US Trade Tensions: American grain futures tumble on Chinese tariffs
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Meanwhile, China's counter measures are already affecting the U.S futures market. Chicago soybean futures fell five percent to almost a two-month low after China included soybeans in its retaliatory tariffs. The price was breaching the ten-US-dollar per bushel psychological barrier. Oil prices also fell on Wednesday's tariff moves by China. Brent crude futures immediately fell 1.23 US dollars. That raised the prospects of rising trade tensions that could impact global growth. Stock index futures felt the pain, too, as U.S. aerospace companies, automakers, grain merchants and chip-makers were hit during pre-market trading.