The Chinese government has banned state-owned companies from buying agricultural products from the US in response to statements by US President Donald Trump to impose 10% duties on industrial food and non-food products from China since September this year, as well as a possible increase in duties to 25% by the end of the year.
The reason for such statements from the US is the discontent caused by the fact that China does not fulfill the agreement to increase purchases of the US agricultural products. Also, the US does not like how Beijing controls the exchange rate. Chinese companies are already following the order of the authorities and awaiting the outcome of further negotiations.
Source: Sphere Publishing House.
