Can an Ouch be heard in the American farm belt?….
Or a ‘Oh, Shit’?
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.
“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….