Updated at 5:26 p.m. ET
China's leaders followed President Trump in taking another step toward a new trade war, announcing a plan to put steep tariffs on $50 billion of U.S. imports. China's proposed 25 percent tariffs would target a wide range of American products, from soybeans and whiskey to airplanes and cars.
"China currently buys about $14 billion worth of American soybeans each year — almost a third of the entire U.S. crop," NPR's Dan Charles reports for our Newscast unit. "Prices for U.S. soybeans tumbled by 3 to 5 percent" on the news, Dan adds.