US - China trade tension continues to escalate

The announcement by the US Treasury follows a sharp fall in the value of the Chinese yuan against the dollar. On Monday, the yuan passed the seven-per-dollar level for the first time since 2008, prompting US President Donald Trump to accuse China on Twitter of manipulating its currency.

In response, China's Commerce Ministry said on Tuesday that they will stop purchasing U.S. agricultural products and may also impose additional tariffs on U.S. farm products that were traded after Aug 3rd.