JUST IN: China Hits Back, Halts Purchase Of U.S. Produce – #Tariffs

China has asked its companies to stop purchasing U.S. farm products in response to Washington’s latest round of tariffs on its exports.

The Chinese Ministry of Commerce made this known in a statement.

The ministry added that Beijing would not rule out hiking imports duties on farm products dating back to August 3.

U.S. President Donald Trump on Thursday announced he would hike tariffs on 300 billion dollars’ worth of Chinese goods to 10 per cent from Sept. 1.

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.