Highlights
In response to Trump's tariffs that went into effect at 12:01 AM Tuesday, China placed an additional tariff of 15% on U.S. wheat, corn, cotton, chicken and an additional 10% on U.S. soybeans, sorghum, pork, beef and other agricultural products.
Also China suspended on Tuesday the soybean import licences of three U.S. firms (CHS Inc, Louis Dreyfus Company Grains Merchandising LLC and export grain terminal operator EGT) and halted imports of U.S. logs, stepping up its retaliation for additional U.S. tariffs on Chinese goods.
Canada slapped a 25% tariff on U.S. imports. Canada is by far the largest exporter of wheat to the United States. Last year the U.S. bought 92,000 mts from Canada, up from 65,000 mts the previous year.
Prime Minister Justin Trudeau told U.S. President Donald Trump that his tariffs on Canadian imports were "a very dumb thing to do" and also accused Trump of wanting to ruin the Canadian economy. If need be, Canada will target another C$125 billion worth in 21 days' time, he said.