China stops buying U.S. farm products – commerce ministry

BEIJING (Reuters) – China’s Commerce Ministry said on Tuesday that Chinese companies have stopped buying U.S. agricultural products, and that China will not rule out imposing import tariffs on U.S. farm products that were bought after Aug. 3. The moves by China represent the latest escalation in its trade row with the United States, and comes after China let the yuan weaken past the key 7-per-dollar level on Monday for the first time in more than a decade. U.S. President Donald Trump said on Thursday that Beijing had not fulfilled a promise to buy large volumes of U.S. farm products and vowed to impose new tariffs on around $300 billion of Chinese goods, abruptly ending a truce in the Sino-U.S. trade war. Earlier, China’s state broadcaster CCTV reported an official from China’s National Development and Reform Commission (NDRC) as saying Trump’s accusations were “groundless.” China is the world’s top buyer of soybeans, the most valuable U.S. export crop. The Trump administration has announced plans to spend up to $28 billion compensating U.S. farmers, a key Trump constituency, for lost income from trade disputes. “Related Chinese companies have suspended purchases of U.S. agricultural products,” China’s Ministry of Commerce said in an… continue reading

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