Global commodities in for a bumpy ride from US-China trade war

Agriculture and energy markets buckle up as China hunts for alternative supplies

With the threat of tariffs and counter-tariffs between Washington and Beijing looming, Chinese buyers are canceling orders for U.S. soybeans.

TAKESHI KUMON, Nikkei staff writer

July 8, 2018 14:50 JST

TOKYO -- After the U.S. levied duties on $34 billion worth of Chinese imports on Friday, China countered with a 25% tariff on a like total of U.S. goods.

China's first target is mainly soybeans and other agriculture products. But Beijing also plans to impose a 25% tariff on crude oil and other energy commodities when Washington imposes a 25% levy on an additional $16 billion worth of Chinese imports.