China halts purchase of US farm products

World News

August 6, 2019 - 11:10 AM

WASHINGTON (AP) — China decided Monday to meet President Donald Trump’s latest tariff threat with defiance, letting its currency drop to an 11-year low and halting purchases of U.S. farm products.

The moves, which came four days after Trump threatened more taxes on Chinese imports, knocked stock markets worldwide into a tailspin. On Wall Street, the Dow Jones Industrial Average was down more than 850 points by mid-afternoon.

Earlier, stocks tumbled from Shanghai to London on fears the escalation in U.S.-China trade tension will drag down a global economy that is already weakening.

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