China warns the escalating trade war will result in financial market chaos.
China has already announced the stoppage of purchases of U.S. agricultural products after Trump planned to enact additional tariffs of 10 percent next month.
China also devalued its currency, leading the Trump administration to classify China as a currency manipulator.
In a statement, the People’s Bank of China said the classification would, “Seriously undermine the international financial order,” trigger “financial market turmoil,” and hinder international trade.
As both sides dig in further, farmers are left hoping for a way out.
The American Farm Bureau Federation says the stoppage of China buys of U.S. ag products is a “body blow” to farmers and ranchers.
President Trump says he stands with farmers and will “do it again if necessary.”
The comments suggest Trump is willing to continue the Market Facilitation Program payments, which two further rounds remain available, if needed.
Before the trade war, China was a $19.5 billion market for U.S. farmers in 2017.