China did not specify its targets, but it "has promised to slap levies on an equal amount of American goods, including heartland staples like soybeans, corn, pork and poultry — a move President Trump said would compel the U.S. to hit China with levies on up to $500 billion in products," the Post notes.
"Soybeans represent 41 percent of the value of U.S. products on China's retaliatory tariff list," Katie Dehlinger reports for DTN/The Progressive Farmer. "The value of U.S. soybean exports to China has grown 26-fold in 10 years, from $414 million in 1996 to $14 billion in 2017, according to the American Soybean Association. Futures prices have dropped more than $2 per bushel since talk of the tariffs began back in March."
The tariffs depressed soybean prices further, Benjamin Parkin of The Wall Street Journal reports: “Soybean prices fell to the lowest point in almost a decade on Monday, as looming Chinese tariffs threatened to kill off demand from the U.S.’s largest customer.” Bloomberg News notes, "In the U.S., average cash prices fell to about $7.79 a bushel this week, the lowest in almost a decade, according to an index compiled by the Minneapolis Grain Exchange." However, the price has since jumped up: