From: januarybaybee@gmail.com   
      
   Dow plunges nearly 1,000 points as trade war rocks markets   
   https://edition.cnn.com/2019/08/05/investing/dow-stock-market-today/index.html   
      
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   https://edition.cnn.com/2019/08/05/investing/dow-stock-market-today/index.html   
      
      
   CNN , Mon August 5, 2019   
      
   Chinese companies halt purchases of US agricultural products   
      
   Beijing (CNN Business)Chinese companies have halted purchases of US   
   agricultural products, marking the latest escalation of the trade war between   
   the United States and China.   
      
   Trump is playing a dangerous game with America's economy   
      
   The halt in purchases comes in response to the Trump administration's   
   announcement of new tariffs on Chinese imports last week, China's Commerce   
   Ministry said Tuesday morning. The new 10% tariffs on $300 billion worth of   
   Chinese imports are set to take    
   effect on September 1.   
      
   China's Commerce Ministry called the new tariffs a "serious violation of the   
   consensus reached by the two countries' leaders in Osaka." At the June G20   
   meeting in Osaka, American and Chinese officials had agreed to a cease-fire in   
   the trade war.   
      
   State media had earlier quoted officials as saying Chinese companies had   
   ordered US agricultural products after the Osaka summit, but some deals fell   
   through due to "competitive pricing."   
      
   China's State Council Customs Tariff Commission also said Tuesday morning it   
   "will no longer exempt US agricultural products purchased after August 3 from   
   import duties."   
      
   The latest salvo in the trade war sent global markets plunging Monday. In   
   addition to the halt in American agriculture purchases, China devalued the   
   yuan Monday morning, sparking fear that the United States could retaliate.   
      
   The US Chamber of Commerce warned last week that new tariffs "will only   
   inflict greater pain on American businesses, farmers, workers and consumers,   
   and undermine an otherwise strong US economy."   
      
   China's halt of US agricultural purchases will hurt America's farmers in dire   
   need of relief. The trade war has forced Washington to come to the rescue of   
   farmers with billions of dollars in aid. Delinquencies on agriculture loans   
   have tripled since mid-   
   2015 to eight-year highs, according to the St. Louis Federal Reserve Bank.   
      
   FDIC Chairman Jelena McWilliams told CNN Business last week that the agency is   
   "monitoring very closely" how banks in farm states are being impacted by the   
   trade war.   
      
   "We may experience more delinquencies, which then become very difficult for   
   those communities and our ag sector," McWilliams said.   
      
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