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China to take necessary measures against U.S. protectionism. (Photo by VCG/VCG via Getty Images)

China's latest round of retaliatory tariffs, in response to the Trump administration's new tariffs on $50 billion worth Chinese goods, will directly hit 659 U.S. goods worth $34 billion, with more tariffs to come.

The big picture: The goods affected are mainly agriculture and energy commodities that employ rural parts of the U.S., with crude oil, coal producers, and farmers being hit the hardest.

The losers:

  • Crude oil. Fears of trade war put pressure on oil prices. U.S. crude exports to China have helped relieve the pressure from OPEC and Russia exports with its rising from its wave of production from the past three years. "Investors expect the spat to come at the expense of U.S. oil firms, pulling down the share prices of ExxonMobil and Chevron by 1%-2% since Friday, while U.S. crude oil prices fell by around 5%," per Reuters.
  • U.S. coal producers. U.S. coal exports boosted 61% in 2017 as shipments to Asia more than doubled. China is looking to alternative suppliers like Brazil.
  • Agricultural exports such as soybeans, sorghum, oranges, seafood, pork, poultry and beef. Also, U.S. farmers who buy their supplies and machinery overseas.
  • Whiskey. China does not import a lot of it, but 70% of its imported spirits is whiskey like Brown-Forman Corp, the maker of Jack Daniel's.
  • U.S. carmakers. Ford has sold 338,386 cars in China this year. Though that is down 22% from last year, newly implemented tariffs won't necessarily help.

What they're saying:

  • American Apparel & Footwear Association CEO Rick Helfenbein said in a statement: "China previously identified almost $1 billion worth of American cotton exports to China as a target, which will hurt American farmers and U.S. textile manufacturers, and add costs to our supply chains."
  • Airplane manufacturer Boeing is reviewing the possible effects of the tariffs, said Boeing spokesperson Charles Bickers. Boeing garnered almost 13% of its 2017 revenues from China.
  • Ford released a statement saying that the company, "Wants to encourage both governments to work together through negotiation to resolve issues between these two important economies."

Be smart: The U.S. threatened $100 billion more tariffs on Chinese goods. That could potentially affect more than $500 billion worth of products Americans buy from China, reports the New York Times.

Go deeper

Thousands without power as "hazardous" winter storm lashes East Coast

Winter view from Charlotte as winter storm Izzy creates dangerous conditions in Charlotte, N.C. on Jan. 16. Photo: Peter Zay/Anadolu Agency via Getty Images

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The big picture: Heavy snow and ice accumulations are "likely to produce hazardous travel," downed trees and more power outages from the Mid-South to the Northeast, per the National Weather Service. Some parts of the U.S. can expect to see up to a foot of snow through Monday.

Updated 3 hours ago - Science

Volcanic eruption in Tonga caused "significant" damage

This satellite image of the eruption on Jan. 15 taken by Himawari-8, a Japanese weather satellite operated by Japan Meteorological Agency and released by National Institute of Information and Communications Technology (NICT). Photo: NICT via AP

Significant damage has been reported in Tonga following an undersea volcanic eruption on Saturday, which covered the Pacific nation in ash and cut off communication lines.

Driving the news: The eruption triggered tsunami warnings across Tonga's islands and in other regions, including the West Coast of the U.S. and New Zealand.

4 hours ago - World

North Korea launches 4th suspected missile test this month

A news broadcast in Seoul, South Korea, of an apparent North Korean missile test on Monday morning local time. Photo: Jung Yeon-je/AFP via Getty Images

North Korea's military fired "two suspected short-range ballistic missiles" eastward from Pyongyang on Monday morning local time, per South Korean and Japanese officials.

Why it matters: The fourth such launch since Jan. 5 comes days after North Korea's military warned of "stronger" action if the U.S. moved to have more sanctions imposed on the country.