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2018-04-07 13:43:00
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ݐݡLChina"s response carries both economic and political weight as agricultural states are major supporting regions for Trump, said Monica Tu, an analyst at Shanghai JC Intelligence Co. LThe tariffs on U.S. imports including soybeans is China"s response that matches the scale of proposed U.S. tariffs.

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ݐWhile the U.S. counts China as its biggest soybean market, the Asian country last year bought more of the oilseed from Brazil. Bloomberg reported in February that China was studying the impact of restricting soybean imports in retaliation for U.S. tariffs on washing machines and solar panels.

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ݐݡLThis will obviously benefit Brazilian exporters, said Warren Patterson, a commodity strategist at Dutch bank ING Groep NV. LThey will be licking their lips right now.

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ݐJust 11 hours after President Donald Trump"s administration proposed 25 percent tariffs on some 1,300 Chinese industrial, technology, transport and medical products, China shot back with a list of similar duties on major American imports including soybeans, planes, cars, beef and chemicals.

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ݐWashington"s list was filled with many obscure industrial items, but China"s struck at signature U.S. exports, including soybeans, frozen beef, cotton and other agricultural commodities produced in states from Iowa to Texas that voted for Trump in the 2016 presidential election.

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ݐThe list extends to tobacco and whiskey, both produced in states including Kentucky, home of U.S. Senate Majority Leader Mitch McConnell, like Trump a Republican.

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ݐExperts said Beijing"s latest announcement could be an effort to push the United States into negotiating a deal to defuse the trade spat.

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ݐ"The true purpose is not to escalate it to a trade war, but to demonstrate no weakness," said Aidan Yao, an economist at fund management firm Axa Investment Managers.

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ݐPresident Donald Trump on Wednesday tried to tamp down economic anxieties over tariffs recently announced by China and the United States.

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ݐThe President was apparently referring to a deficit of $506 billion in Chinese exports to the US in 2017. Overall, however, the US trade deficit with China is closer to $337 billion when factoring in goods and services, according to figures provided by the US Bureau of Economic Analysis.

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ݐTrump"s proclamations come amid a tit-for-tat on trade restrictions

ݐthat he decided to engage in. 

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ݐU.S. Commerce Secretary Wilbur Ross on Wednesday said he expects trade actions between the United States and China will likely lead to a negotiated deal.

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ݐݡLIt wouldn"t be surprising at all if the net outcome of all this is some sort of a negotiation, Ross told CNBC in an interview.

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