China’s latest tariffs planned are designed to take aim at the pork and soybean industry. The European Union most recently implemented a 25 percent tariff on U.S. products, such as motorcycles, boats, whiskey, and peanut butter.
Related: A Quick Look at the New Canada Tariffs on U.S. Products
“They are clearly designed to hit back at the heartland of America, and raise the costs of agricultural farm exports to China that will reduce consumption in China and force them to look for alternatives,” said Robert Holleyman, a former senior trade official in the Obama administration and now president of C&M International, a Washington consulting firm.
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