The Latest: Soy farmers fed up with tariffs

BEIJING (AP) — The Latest on the tariffs battle between China and the United States (all times local):

1:37 p.m.

Soybean farmers are growing frustrated by the lack of progress in trade talks between the U.S. and China.

In a prepared statement Monday, the American Soybean Association said the U.S. has met with Beijing 11 times with no deal being reached. Davie Stephens, a soybean grower from Kentucky and president of the ASA, said, "What that means for soybean growers is that we're losing. Losing a valuable market, losing stable pricing, losing an opportunity to support our families and our communities."

John Heisdorffer, ASA chairman and a soy grower in Iowa, said the industry cannot withstand another year. He says, "The sentiment out in farm country is getting grimmer by the day. Our patience is waning, our finances are suffering, and the stress from months of living with the consequences of these tariffs is mounting."

Last July, Trump began gradually slapping tariffs on Chinese imports. The United States now is imposing 10% taxes on $200 billion in Chinese products and 25% on another $50 billion. Beijing has counterpunched by targeting $110 billion worth of American imports, focusing on farm products such as soybeans in a deliberate effort to inflict pain on Trump supporters in the U.S. heartland.

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1:24 p.m.

U.S. markets are getting slammed as the trade war between the U.S. and China escalates.

The Dow plunged 700 points Monday, giving up almost 3%. The S&P 500 fell 2.6% and the tech heavy Nasdaq slumped 3.42@, led by Apple.

Investors seeking a safe place to park money sent the price for an ounce of gold up to $1,300.

Every one 30 companies that make up the Dow Jones index is in negative territory.

Oil prices are falling as well, with many fearing that the fight between the world's two largest economies will slow global growth.

China announced tariff hikes Monday on $60 billion of American goods in retaliation for President Donald Trump's latest penalties on Chinese products.

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9:40 a.m.

The Dow is down 500 points after China announced retaliatory tariffs against the United States.

China said Monday that there will be tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10%, to 25%.

The retaliatory measures were announced about an hour after President Donald Trump tweeted directly to Chinese President Xi Jinping saying: "China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries."

The Dow and the S&P are down more than 2%. The tech heavy Nasdaq is down 2.5%

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9 p.m.

China has announced it is raising tariffs on $60 billion in U.S. goods in retaliation for the latest penalties on its exports announced by the Trump administration.

The Finance Ministry said Monday the penalty duties of 5% to 25% on hundreds of U.S. products including batteries, spinach and coffee take effect June 1.

That followed Trump's increase Friday of duties on $200 billion of Chinese imports from 10% to 25% in a dispute over Beijing's technology ambitions and trade surplus.

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1:58 p.m.

Companies are waiting to see how China will retaliate for President Donald Trump's latest tariff hikes on Chinese imports while economists warned the escalating dispute could slow growth.

Chinese officials gave no indication Monday what steps they might take after threatening "necessary countermeasures" for Trump's penalties on $200 billion of Chinese goods, imposed Friday.

Trade talks wrapped up later Friday in Washington without an agreement.

Jake Parker, the vice president of the U.S.-China Business Council, an industry group, said officials appeared to be studying the potential impact on China's economy before deciding how to respond.

Morgan Stanley economists said the tariff hike could trim China's annual economic growth by 0.5 percentage points. They said that impact could grow if uncertainty prompts companies to cut jobs or postpone investment.