US Considers Unacceptable the Retaliatory Trade Measures of China and Canada

Forex News

Trade tension between the US and its major trade allies is increasing. US and Chinese trade delegations met on Saturday and Sunday for the third round of discussions on current trade tensions between the two countries.

Earlier, Beijing has included soybeans on a list of $50 billion of US exports on which it has said it would impose 25% tariffs if the United States follows through on its threats to impose the same level of tariffs on the same value of Chinese goods.

In response to the US tariffs, the Canadian government announced a plan to impose retaliatory tariffs on US metals and other products, including agricultural items, representing a total value of $12.8 billion. The tariffs will take effect on July 1.

Donald Trump stated that Chinese and Canadian trade barriers on US agricultural products are unacceptable. "China already charges a tax of 16% on soybeans. Canada has all sorts of trade barriers on our Agricultural products. Not acceptable!" Trump wrote in a Twitter post.