China has halted its purchases of U.S. agricultural products and will not rule out levying import tariffs on American farm imports purchased after Aug. 3, the Chinese Commerce Ministry said early on Tuesday.
The moves by China represent the latest escalation in its trade row with the United States that has unnerved global markets and investors.
“Related Chinese companies have suspended purchases of U.S. agricultural products,” China’s Ministry of Commerce said in an online statement posted shortly after midnight in Beijing on Tuesday.
China who once bought agricultural products from American farmers is now buying them from Russia. https://t.co/b0UBlIO7Kh
— Rick Tyler (@rickwtyler) August 5, 2019
DOW PLUMMETS OVER TRUMP TRADE WAR: Stocks have plunged today following media reports that Chinese firms have stopped buying U.S. agriculture products and that China is considering new tariffs on U.S. agricultural products that it has purchased after Aug 3 https://t.co/ryqgfsMT0c
— NowThis (@nowthisnews) August 5, 2019