Stocks and shares dropped as China and Canada plan to retaliate to the US tariffs. Other US trading partners are fearing similar measures.

China announced it will impose additional tariffs of up to 15% on imports of key US agricultural products, including chicken, pork, soybeans and beef.

The tariffs, announced by the Ministry of Commerce, will take effect on March 10. The move follows US President Donald Trump’s order to double tariffs on imports of Chinese goods to 20% across the board.

Imports of US-grown chicken, wheat, corn and cotton will face an additional 15% tariff, the ministry said. Meanwhile, tariffs on sorghum, soybeans, pork, beef, seafood, fruits, vegetables and dairy products will increase by 10%.

Also on Tuesday, Beijing placed 10 more US companies on its list of unreliable entities, which would bar them from engaging in China-related import or export activities and from making new investments in the country. 

The companies include defense contractors such as Lockheed Martin Missiles and Fire Control, Lockheed Martin Aeronautics and Lockheed Martin Missile System Integration Lab.