REPORT: Trade war heats up as China reacts to Trump’s new tariffs

As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by CNBC:

China confirmed reports that it was pulling out of U.S. agriculture as a weapon in the ongoing trade war.

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.

The article goes on to state the following:

“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.

The report says China is one of the US’s largest agricultural buyers.

Bloomberg further reported:

The Chinese government has asked its state-owned enterprises to suspend purchases of U.S. agricultural products, people familiar with the situation said. Also, privately run Chinese crushers that had received retaliatory-tariff waivers on American soybeans from Beijing have stopped buying the commodity due to uncertainty over trade relations, other people said.

Chinese buyers have turned to South American soybeans and the Asian nation said it doesn’t rule out for now taxing American agricultural goods that were traded after Aug. 3, the Commerce Ministry said in a statement on its website. The ministry also confirmed relevant Chinese firms have stopped purchasing American agricultural goods.

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