China Takes Retaliatory Actions
On Monday, August 5th, China took steps to retaliate against recent actions by the United States in the ongoing trade war between the two nations. The latest move by China included further devaluing the Chineses yuan against the dollar and requesting that state-buyers halt U.S. agriculture imports. These actions follow last week’s announcement by President Trump to place a new 10% tariff on Chinese imports to the United States. The Chinese plan to halt imports of U.S. agriculture commodities comes at a very challenging time as U.S. farmers near the harvest of the 2019 crops.