IN what seems to be a hit back at the United States of America over last Thursday’s announcement by President Donald Trump that he would up tariffs on $300bn worth of Chinese goods to 10 per cent from September 1, 2019, the Chinese government has asked its companies to stop buying farm produce from the US.
According to a statement from the Chinese Ministry of Commerce, China is also considering hiking import duties on farm products dating back to August 3, 2019.
The tariffs are to come on top of the 25 per cent levies already imposed over the past year on 250 billion dollars’ worth of Chinese products.
When they take effect, all Chinese goods coming into the U.S will be subject to punitive tariffs.
The Chinese ministry called the latest tariffs a “serious violation” in the ongoing trade war between the world’s two largest economies.