Imported soybeans in China. Photo: Xu Congjun/VCG via Getty Images
China has put purchases of American soybean supplies on hold amid escalating trade tensions with the U.S., Bloomberg reports, citing people familiar with the matter.
Why it matters: China is the world's biggest soybean buyer. This is a devastating blow to U.S. farmers, who are already feeling the impact of the trade war. China has no plans to cancel previous soybean purchases, but state grain buyers have received no new orders and they don't expect to while the trade war rages, according to Bloomberg.