(Bloomberg) -- Soybeans fell in Chicago after US President Donald Trump said he's considering tariffs on China, stoking fresh worries of a trade war between the two biggest economies. Wheat and corn also declined.

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The drop came after soybeans jumped more than 3% on Monday as Trump held off from imposing immediate levies on China on his first day in office, raising optimism the new president was shifting into a negotiating mode with Beijing.

However, Trump said Tuesday his threat to hit all Chinese goods with 10% tariffs was still on the table. If implemented it could prompt retaliation from China, the world's biggest soybean importer, dealing a blow to US farmers and potentially damping global demand.

Trump aggressively targeted Beijing during his first term over trade, starting a clash that reshaped supply chains and the global economy. Chinese Vice Premier Ding Xuexiang said Tuesday China would expand its imports, saying the country did not seek a "trade surplus."