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China Imposes $34 Billion in Tariffs on US Produced Soybeans, Corn, Pork and Poultry

Trade war is on.
trade war corn soybeans pork poultry China United States

(Photos by Saul Loeb/AFP/Getty Images and Greg Bowker - Pool/Getty Images)

According to a report from Moody’s Analytics, the Chinese tariffs will fall especially hard on Trump voters. The data analysis firm went county by county in states where the affected products are exported to China.

In nearly 20% of counties that voted Trump in 2016, more than 25% of the county’s economy will be affected. That impact will be felt be about eight million people.

Meanwhile, only 3% of counties that voted blue in 2016, about 1.1 million people, will feel that level of economic impact. This doesn’t look like Trump supporters winning.

“The beneficiaries [of the U.S. imposed tariffs on China] are pretty narrowly regionally concentrated, right in the industrial Midwest,” said Mark Zandi, chief economist of Moody’s Analytics.

Outside of that, it’s hard to identify anyone who benefits to any significant degree. The areas that suffer are broader and more diffuse. The agricultural areas get nailed. Some of the manufacturing centers get hurt as well.”

“If it’s over 25%, there’s a pretty good chance that the economy [in that county] is going to feel it pretty significantly, could even contract, and see unemployment rise.”

Friday was the starting point for both sides tariffs to take affect. Halfway around the globe, the internet watched one cargo ship, Peak Pegasus, carrying U.S. soybeans race to get to its Chinese port to beat the clock. They missed it and will now face a 25% tariff.

But the United States fired the first shot.

The U.S. imposed their tariffs on $34 billion in Chinese goods early Friday. This act officially launched the trade war between the world’s two largest economies.

Within moments, having waited to see if the Trump administration would carry through on their threats, Beijing fired back with their retaliatory strike.

China also accused the U.S. of violating World Trade Organization rules and of setting off,

the largest trade war in economic history to date.”

The president has not yet commented on today’s launch of his trade war on Twitter despite having boasted about it repeatedly before his administration fired the first shot Friday. But plenty of others did have something to say.

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