China confirms it is suspending agricultural product purchases in response to Trump's new tariffs
https://www.cnbc.com/2019/08/05/china-confirms-it-is-suspending-agricultural-product-purchases-in-response-to-trumps-new-tariffs.html
A spokesperson for the Chinese Ministry of Commerce said Chinese companies have stopped purchasing U.S. agricultural products in response to President Trump's new 10% tariffs on $300 billion of Chinese goods.
"This is a serious violation of the meeting between the heads of state of China and the United States," the Minister of Commerce said in a statement Monday that was translated via Google.
The department also said it would "not rule out" tariffs on newly purchased agricultural goods after August 3.
China is one of the largest buyers of U.S. agriculture. Bloomberg News reported that Beijing may stop importing them completely in response to new tariffs by the United States. According to reports by Chinese State media, it would also consider slapping tariffs on U.S. agricultural products that it already bought.
Those stories helped exacerbate fears on Wall Street pushing stocks to their worst day of the year. Now that China has confirmed the reports, it could add to pressure on equities. Stock futures fell Monday, implying a 480 point drop Tuesday.
https://www.cnbc.com/2019/08/05/china-confirms-it-is-suspending-agricultural-product-purchases-in-response-to-trumps-new-tariffs.html
- A spokesperson for the Chinese Ministry of Commerce says Chinese companies have stopped purchasing U.S. agricultural products in response to President Trump's new 10% tariffs on $300 billion of Chinese goods.
- "This is a serious violation of the meeting between the heads of state of China and the United States," the Minister of Commerce says in a statement Monday.
- Reports of China pulling out of U.S. agriculture helped exacerbate fears on Wall Street pushing stocks to their worst day of the year. Now that China confirmed the reports, it could add to pressure on equities.
A spokesperson for the Chinese Ministry of Commerce said Chinese companies have stopped purchasing U.S. agricultural products in response to President Trump's new 10% tariffs on $300 billion of Chinese goods.
"This is a serious violation of the meeting between the heads of state of China and the United States," the Minister of Commerce said in a statement Monday that was translated via Google.
The department also said it would "not rule out" tariffs on newly purchased agricultural goods after August 3.
China is one of the largest buyers of U.S. agriculture. Bloomberg News reported that Beijing may stop importing them completely in response to new tariffs by the United States. According to reports by Chinese State media, it would also consider slapping tariffs on U.S. agricultural products that it already bought.
Those stories helped exacerbate fears on Wall Street pushing stocks to their worst day of the year. Now that China has confirmed the reports, it could add to pressure on equities. Stock futures fell Monday, implying a 480 point drop Tuesday.
