The trade war has hurt American farmers particularly hard.
After steep losses on Monday, world markets wobbled through escalations in the U.S.-China trade war on Tuesday as the White House played down investor reaction to the U.S. labeling China a currency manipulator and pledged to further support hard-hit American farmers.
China said on Monday it would not rule out imposing additional sanctions on agricultural imports from the United States and that Chinese companies have stopped purchasing farm produce, Chinese state news agency Xinhua reported. He called China halting agricultural purchases a"body blow to thousands of farmers and ranchers who are already struggling to get by."
Roger Johnson, president of the National Farmers Union, told Bloomberg News Trump's strategy of antagonizing China has made things worse and farmers"can't withstand this kind of pressure much longer." The Trump administration dismissed the downturn as temporary and U.S. stocks on Tuesday morning recovered some of their losses as China's central bank indicated it wanted its currency to trade at a higher level against the dollar.
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