China will impose an additional 5%-10% import tax on four US-origin soybean varieties from September 1, the Ministry of Finance announced Friday.
 

This retaliatory tax, ranging between 5%-10%, covers a total of 5,078 trade items of US-origin worth $75 billion, including the four soybean varieties, the announcement said.

According to the Chinese ministry, effective September 1, total import duty on US-origin yellow soybean will be 30%, while 35% import tax will be levied on other soy varieties in total, such as green soybean, soybean seed and other soybean.

China's Commerce Ministry said Thursday that the country would have to take countermeasures if the United States imposes new additional tariffs on Chinese goods.
 

This came after the United States threatened an additional tariff of 10 percent on about 300 billion U.S. dollars of Chinese imports.

China's position is consistent and clear. "Trade wars produce no winners. China does not want a trade war, but it is not afraid of one, and it will fight one if necessary,"
Ministry of Commerce spokesman Gao Feng told a press conference.

The National Grain and Feed Association, which represents more than 1,100 grain, feed, processing, exporting and other grain-related companies throughout the country, told the Senate Agriculture Committee today that Congress should consider several changes – including one involving an issue with China – when it reauthorizes the U.S. Grain Standards Act.