China’s Tariffs Threaten US Exports

China’s 34% tariffs, imposed in retaliation for President Donald Trump’s 54% tariffs on China, threaten US export revenue.

A report by the US-China Business Council revealed that the tariffs could impact the oil and gas industry in states like Texas, which, along with Louisiana, saw a surge in exports to China in 2023.

Soybeans, oilseeds, and some grains are among the most affected exports, valued at $13.4 billion last year, according to Agence France-Presse.

“China purchased 52% of soybean exports in 2024, and given the scale of its purchases, China cannot be easily replaced,” said Scott Gerlet, chief economist at the American Soybean Association.