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Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back

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Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back

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When SpaceX starts trading, some 'shareholders' will discover they own nothing at all

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Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer
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China reveals its response to Trump’s surprise tariff: New taxes of up to 15% on U.S. chicken, cotton, pork, soybeans and other farm products

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The Associated Press
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March 4, 2025, 3:05 AM ET
Soybeans for sale at a wholesale grains market in Shanghai, China, on March 4, 2025.
Soybeans for sale at a wholesale grains market in Shanghai, China, on March 4, 2025.Raul Ariano—Bloomberg via Getty Images

China announced Tuesday it will impose additional tariffs of up to 15% on imports of key U.S. farm products, including chicken, pork, soy and beef, and also expanded controls on doing business with U.S. companies.

The tariffs announced by the Commerce Ministry are due to take effect from March 10. They follow U.S. President Donald Trump’s order to raise tariffs on imports of Chinese products to 20% across the board. Those took effect on Tuesday.

Imports of U.S. grown chicken, wheat, corn and cotton will face an extra 15% tariff, it said. The tariff on sorghum, soybeans, pork, beef, seafoods, fruit, vegetables and dairy products will be increased by 10%.

Also Tuesday, Beijing placed 10 more U.S. firms on its unreliable entity list, which would bar them from engaging in China-related import or export activities and from making new investments in the country.

The firms listed are TCOM,Limited Partnership; Stick Rudder Enterprises LLC; Teledyne Brown Engineering; Huntington Ingalls Industries; S3 AeroDefense; Cubic Corporation; TextOre; ACT1 Federal; Exovera and Planate Management Group.

The addition of the 10 companies comes after China last month added two firms, fashion company PVH Group and biotechnology company Illumina, to the unreliable entities list.

Separately, China added 15 U.S. companies to its export control list, including aerospace and defense companies like General Dynamics Land Systems and General Atomics Aeronautical Systems, among others.

“China has decided to include 15 U.S. entities that endanger China’s national security and interests in the export control list, prohibiting the export of dual-use items to them,” the ministry said in a statement.

China is a major importer of American farm products, though its purchases dipped after Trump launched a trade war during his first term in office, and then recovered.

In 2021-22, the United States logged record export values to China for soybeans, corn, beef, chicken meat, tree nuts, and sorghum. Cotton exports to China also rebounded, according to the U.S. Department of Agriculture. U.S. farm exports to China totaled $33.8 billion in fiscal 2023 and $36.4 billion in fiscal 2022.

But China has been diversifying its sources for farm imports, buying more soybeans from Brazil and Argentina, among other growers.

The Commerce Ministry included about two dozen U.S. farm exports subject to additional 15% tariffs, including chicken feet and wings, and 711 items subject to an extra 10% tariff.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
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