China suspends purchases of U.S. ag products

China’s state-run Xinhua news agency says Chinese companies have
suspended purchasing U.S. agriculture products and China could impose tariffs
on products recently bought. The story, reported by CNBC, says China’s Customs
Tariff Commission has not ruled out import tariffs on agriculture products
purchased after August 3rd.

It’s China’s newest retaliatory threat to President Trump’s 10 percent tariffs
on $300 billion worth of Chinese goods announced last week. China allowed its
currency to fall through 7 yuan per dollar for the first time since 2008.

The Xinhua story quotes Chinese officials saying China is a large market with a
bright prospect for importing US agriculture products, but officials hope the U.S.
will cooperate with commitments made to China.

Chinese purchases of U.S. agriculture products is a big sticking point in the U.S.
and China trade conflict.