(CNN) – China is imposing new retaliatory tariffs on certain United States agricultural goods Monday.
President Donald Trump says his trade policies will make the U.S. richer in the end, but his administration is starting to acknowledge the potential for some short-term pain for Americans.
Some American trade partners are cracking down on U.S. exports.
Starting Monday, American farmers face new retaliatory tariffs on many products they send to China.
The measures include an extra 15% duty on chicken, wheat, corn and cotton and 10% on items including beef and soybeans.
Some American farmers say they are worried escalating trade tensions could make it harder to sell their products abroad.
“Everything we produce far exceeds what the domestic market could handle,” farmer Stan Lundell said.
Meanwhile, Canadian Prime Minister Justin Trudeau’s newly chosen successor is standing by Canada’s retaliation against the U.S.
“My government will keep our tariffs on until the Americans show us respect,” Canada’s liberal party leader Mark Carney said.
Trump is doubling down and says tariffs on some Canadian and Mexican goods scheduled for April 2 “could go up.”
Commerce Secretary Howard Lutnick says duties on steel and aluminum imports are set to start Wednesday.
Most mainstream economists say tariffs can be inflationary.
Lutnick acknowledges some prices might rise in the U.S. but Trump insists any pain would be short-term.
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