China strikes back – Purchase of U.S. agricultural products halted, import tariffs not ruled out

China has halted its purchases of U.S. agricultural products and will not rule out levying import tariffs on American farm imports purchased after August 3, the Chinese Commerce Ministry said early on Tuesday.

The moves by China represent the latest escalation in its trade row with the United States that has unnerved global markets and investors, Reuters reports.

– Related Chinese companies have suspended purchases of U.S. agricultural products – China’s Ministry of Commerce said in an online statement.

The Chinese Commerce Ministry did not disclose the value of U.S. agricultural imports that may be subjected to new import tariffs, Reuters adds.

U.S. President Donald Trump ratcheted up tensions between the two countries last week when he vowed to impose a 10% tariff on USD 300 billion of Chinese imports from September 1, a decision China’s Commerce Ministry said was a “serious violation” of the consensus struck by Trump and Chinese President Xi Jinping in Osaka in June.

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