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Tariff Backfire: Dow Down 767, China Suspends US Agricultural Trade, Yuan Devalued

Monday, August 5, 2019 16:12

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By Lee Austin

In retaliation for President Trump’s ten percent tariff on Chinese imports, China has suspended all agricultural trade with the United States. China called the resultant action a response to “a serious violation of the consensus of the heads of state of the two countries.”

China’s state run media Xinhua further stated, It is hoped that the US will conscientiously implement the consensus reached at the meeting between the heads of state of China and the United States, and have the confidence to implement the commitments to create the necessary conditions for cooperation in the agricultural fields between the two countries,”

China has also threatened to levy tariffs on U.S.for agricultural products it has already purchased.

The Red Dragon also devalued the Yuan to its lowest level in eleven years and oil stocks in kind plummeted. The Yuan is now pegged at seven per dollar. As a result of China’s counter punches there is an overriding fear in the market that Trumps percent tariff could go to twenty-five percent on September first. Any new sanctions on Chinese technology companies would lead to more financially punitive actions by the Xi Jinping administration.

At the moment, Beijing has set their eyes on American soybeans, the most extensive commodity exported to China. The latest ban has put the American farmer in the crosshairs of the trade war which has escalated precipitously in the last twenty-four hours,

Could a perfect economic storm be on the horizon? And was today a precursor for an inevitable one world currency? Time will tell.

Lee Austin is the author of “Morning Star’s Tale”…a sci-fi novella

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