The Chinese Ministry of Commerce announced a plan today to impose a 25 percent tariff on $50 billion worth of U.S. exports, including soybeans, according to an Associated Press report in the Des Moines Register. The tariffs will not go into effect immediately, leaving open the possibility that China and the U.S. could negotiate. China imports about 60 percent of global soybean production; about 40 percent of China’s soybean imports come from the U.S. China’s tariffs are in retaliation to President Donald Trump’s administration, which announced plans to impose tariffs on about 1,300 Chinese goods worth $50 billion annually.