China has suspended purchases of agricultural products from the United States as tensions between the two countries increase, Bloomberg news agency reported on Monday (5). The Chinese government has asked state-owned companies to stop purchasing US agricultural products. More than that, the country's soybean crushers that were exempt from tariffs on the US oilseed also stopped their purchases in the face of uncertainty about the future of the conflict.
The movement comes alongside what appears to be the beginning of a war now also over currency, with the Asian nation deciding to respond to Donald Trump's latest move differently this time. For the first time in more than ten years, it allowed the yuan to break the 7 per dollar mark, registering its lowest level in this period. The movement, according to experts, intensifies the trade war and more than that responds to the North American president's latest accusation of “currency manipulation” by the Asian nation.
Post: Marina Carvejani
Author: Notícias Agrícolas
Source: Agricultural News
