Trade Frictions: Worries spread across US over Chinese tariffs on US goods
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As trade tensions escalated... China on Monday suspended tariff concessions on 128 US products, including pork and fruit. The tariff increases, ranging from 15 percent to 25 percent, impact approximately 2 billion dollars in US food and agricultural exports to China.
Media reports in the US say worries from the affected industries are growing. Fortune Magazine published an article titled "Trump's trade war with China could hurt California's wine industry." It states that the total value of wine exports to China is approximately 200 million dollars. The tariff increase of 15 percent on wine would undoubtedly drag down sales. Detroit News looked at ginseng, stating that US exports to China would be severely hurt with the new tariffs. ABC News also reports concerns of pork production from pig farms in Indiana.