Markets were sent on a whirlwind late last week after tensions between Washington and Beijing re-escalated.
Daniel Acker | Bloomberg | Getty Images, citing people familiar with the situation.
This hits at a sensitive issue for President Donald Trump. The president claimed that he had secured large quantities of agricultural purchases when he met with President Xi Jinping at the G-20 summit in June. China then didn't follow through with those significant purchases, a move which led to the failure of preliminary trade talks and Trump to announce the addition of 10% tariffs on another $300 billion in Chinese goods last week.
Trump has ordered up a $16 billion aid package to U.S. farmers, believed to be an important group for him politically, to help them during the trade battle. China is waiting to see how trade negotiations proceed before committing to any purchases, Bloomberg News said. In another possible retaliation, China allowed its currency, the yuan, to breach the 7 level vs. the U.S. dollar.
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