China has stopped importing American agricultural products

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China has halted imports of US agricultural products following US President Donald Trump’s unexpected order last week to impose additional duties on new Chinese products.

Beijing decision-makers were unexpectedly surprised by the US president’s announcement on Thursday that he is unhappy with the development of US-China trade talks, and is charging a 10 percent surcharge on $ 300 billion a year in Chinese imports from September 1. This is the remainder of the Chinese products destined for the United States which have not yet been subject to the additional duty. The Chinese government has promised decisive responses.
The Bloomberg News Agency, citing well-informed Chinese sources, said on Monday that the Chinese government had called on state-owned companies to suspend US agricultural purchases. This is what happened, companies are waiting and the next step depends on how the negotiations develop.
The privately held companies also stopped purchasing US soybeans due to uncertainties in US-China trade relations, although they did not receive any information from the government about any changes.
Chinese companies have turned to South America and are trying to make up for lost US imports.
Darin Friedrichs, an analyst for Asian commodities markets at INTL FCStone’s New York-based financial services firm, told China Bloomberg TV that China is one of the largest agricultural trading partners in the United States. If it stops imports, it will be felt by US farmers and President Trump voters in the country. The obvious way of retaliation is for the Chinese to retaliate before next year’s presidential election.
The Chinese Ministry of Commerce did not answer questions about stopping US agricultural imports.
Chinese President Xi’ing Qing Ping promised US President Donald Trump at his personal meeting in Osaka at the end of June – again a “ceasefire” during bilateral talks, broken by President Trump’s imposition of a new surcharge – that China will take more to buy agricultural products from the United States. However, President Trump has since complained that the Chinese side has failed to keep this promise.
China was the United States’ third largest export market last year. Exports totaled $ 120.3 billion, down 7.4 percent from the previous year. Within that, agricultural products were worth $ 9.3 billion, making China the fourth largest market for American agricultural goods. The highest value, at $ 3.1 billion, was imported from China to the United States.

Record market capitalization of the 100 largest companies in the world The market capitalization of hundreds of the world’s leading listed companies rose to a record $ 21,000 billion, according to PwC’s Global Top 100 Survey.     In the one-year period from April last year, the market capitalization of one hundred leading companies increased by 5 per cent, slowing down from the 10 per cent growth one year earlier.     Technology and online commerce companies continue to dominate the narrow list, with seven companies in the top ten: US, Microsoft, Apple, Amazon, Alphabet and Facebook, plus two Chinese, Alibaba and Tencent .     For the fifth year in a row, 54 percent of the 100 largest companies in the US have increased their market capitalization by over 9 percent in one year.     China ranks second in the Global Top 100 despite Asian companies’ market capitalization declining by 4 percent over the past 12 months.     One year ago, Chinese companies increased their market capitalization by 57 percent. Then three new Chinese companies were placed in the Top 100 and two in the Top 10.     According to the latest PwC list, European companies’ market capitalization fell by 5 percent in one year and three companies fell out of the 100 list.      Microsoft tops the latest hundred list, after being third last year, and its market capitalization increased by $ 202 billion to $ 905 billion in one year.     Last year, Apple topped second place, with $ 45 billion in market capitalization and $ 896 billion in market capitalization.     In the top ten, four other companies are American, Amazon, Alphabet, Berkshire Hathaway and Facebook.     Chinese companies rank seventh and eighth in the list: Alibaba retained its seventh position, while Tencent slipped from last year’s fifth to eighth.     The top two places in the top ten are American companies again: ninth is Johnson & Johnson and tenth is Exxon Mobil.

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