Soybean prices have fallen dramatically in recent weeks.
Daniel Acker Bloomberg
14 July, 2018, 08:36
South Korea's trade ministry said in a statement that the trade war could be "prolonged and spread", adding that it would prepare responses and scenarios to cope with the economic impact of the trade row.
The United States, meanwhile, has lodged 22 WTO complaints against China, accusing the Asian nation of a range of illegal trade practices, including propping up its manufacturing and agricultural sectors with subsidies and effectively stealing the trade secrets of foreign firms.
National Retail Federation senior Vice President for Government Relations David French said the move "doubles down on a reckless strategy that will boomerang back to harm US families and workers".
He spoke Wednesday at China's turn for a regular WTO review of countries' trade policies. "And the retaliation that will follow will destroy thousands of U.S.jobs and hurt farmers, local businesses and entire communities".
The Chinese government has vowed to take "firm and forceful measures" against US threats to expand tariff hikes.
President Trump escalated his trade war with China Tuesday, identifying an additional $200 billion in Chinese products that he intends to hit with import tariffs.
China imported USA goods worth $130 billion a year ago and Friday's tariff hike hit $34 billion of that, with another $16 billion cited for a possible increase.
China's Ministry of Commerce said last week it would encourage exporters to develop new export markets, and would also use funds collected from tariffs to ease the impact from US trade actions on companies.
China is shocked by what the United States did... the Chinese government will, as always, be forced to take necessary countermeasures.
A possible second round of tariff hikes announced Tuesday by the U.S. Trade Representative targets a $200 billion list of Chinese goods.
But China has rebuffed USA complaints and denied any harm was done to US companies, and instead retaliated "without any global legal basis or justification", Lighthizer said.
China immediately retaliated with duties on the same value of USA goods, including soybeans and cars. Each side is mulling tariffs on a further $16 billion in goods that would bring the totals to $50 billion.
Mr Trump has been considering tariffs against China since his officials concluded in March that Beijing violates USA intellectual-property rights, such as by forcing American firms to hand over technology.
Grassley said the Trump administration tariff fight has "a very detrimental effect on current markets" and that the impact is rippling through other industries in his state beyond agriculture. A full-blown global trade war would shave 0.4 percentage point off world growth, according to Bloomberg Economics.
"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chairman Orrin Hatch in a statement.
The US complains that China uses predatory practices in a push to challenge American technological dominance.
"All in all, the trade impact of the first round of the tariff should have a very limited impact on China's exports to the USA, with the maximum loss of $5 billion", Alicia Garcia Herrero, Chief Economist at Natixis Asia Research, wrote in a recent note.
Speaking to CNN's Erin Burnett on Tuesday, Puerto Rico's governor said he was "appalled and disgusted" by the video. Just a few meters outside the pavilion, an officer stood with his hands tucked in his belt, watching the encounter.
Perišić had a major part to play in the game, having set up the victor after netting midway through the second period. We did not forget the doubts about us at the beginning of the competition, about our ability to play together.
Relatives sent NBC affiliate WDSU a photo of Matthews' body at the wake at the Charbonnet Labat Glapion Funeral Home in Treme. The family of 18-year-old Renard Matthews is getting a lot of attention for the way they are honoring his memory.
When the new officers arrived, they arrested Trybus on charges of misdemeanor assault and misdemeanor disorderly conduct. But he said the officer considered it "an unfortunate incident" and felt he was not "given a fair shake".
It's entirely possible that after all the negotiations, Chelsea could stand by Conte as the most efficient course of action. Jorginho was a key player in Sarri's Napoli team, but De Laurentiis said that he "wasn't essential" for Ancelotti.
Inevitably, the match went the whole length and then some more, until Anderson grabbed the only break-point in the entire set. He was also hitting more winners off groundstrokes, while small errors started creeping into the Federer game.
In order to ensure that the good work done in the first match doesn't go to waste, India will have to continue their dominance. Rohit Sharma struck his third worldwide T20 century to complete a 2-1 series victory for India over England at Bristol .
Both those accords were the result of years of painstaking diplomacy by European leaders, and Trump unilaterally trashed them. One woman who saw the President arrive said he had given a "short speech" which she described as "lovely".
Bottas said: "I'm disappointed - our pace was good today and it was all going well for me, but I lost it in the last two corners". Mercedes boss Toto Wolff said: "To put it in James Allison's words, this is either deliberate or incompetence ".
France train in all seriousness for Croatia tie
Southgate is well aware of what an opportunity they let slip but is not worrying about whether this summer is as good as it gets. We would be delighted if Modric won the MVP and the Golden Ball for being the best player at the tournament.
Three Lions on course for United Kingdom number one
England were 1-0 up at half-time, heading toward their first World Cup final since 1966, but went on to lose 2-1 in extra time. Croatia will be underdogs for the final, but Perisic told FIFA.com : " France stopped us in the semi-finals in 1998".
Sublime Serena to face Kerber in her 10th Wimbledon final
She was ranked No. 1 when she took her maternity leave and was ranked 183rd in the world after returning to the tour in March. Goerges, playing her first Slam semifinal, sent a forehand flying wide off the sidelines to concede serve.
Thai cave rescue: All 12 boys and soccer coach freed
Named "Wild Boar" after the stranded youth soccer team, the mini-submarine arrived at the cave Monday morning (July 9). Since the operation started, the area outside the cave's entrance has filled with media, volunteers and onlookers.
African players in France's World Cup team
He praised the adaptability of his squad after changing system from a 3-man to a 4-man defense against Brazil. Henry, who won the 1998 tournament with Deschamp on home soil, works as assistant coach with the Red Devils .
Half of the twelve boys rescued from Thai cave
Two of the boys had suspected lung infections but the four boys from the first group rescued were all walking around in hospital . The young soccer team, whose ages range between 11 and 16, will have to make their way through the cave's flooded tunnel system.
Amazon Prime Day 2018: How to score the best deals
Users who are on 30-day trial period for the Amazon Prime membership , can also take part in the Amazon Prime Day sale . Prime day is starting early, and one of the best deals is 4 months of Amazon Music Unlimited for only $0.99 or $0.99.
Luis Enrique named as new Spain coach
Fernando Hierro was given the job on a caretaker basis, to at least initially see Spain through this summer's World Cup. However, the 2010 world champions were knocked out on penalties by hosts Russian Federation in the last 16.