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Lashing back, China lets yuan drop, halts US farm purchases

Aug 06, 2019 - Associated Press

WASHINGTON (AP) - China decided Monday to meet President Donald Trump's latest tariff threat with defiance, letting its currency drop to an 11-year low and halting purchases of U.S. farm products.

The moves, which came four days after Trump threatened more taxes on Chinese imports, knocked stock markets worldwide into a tailspin. On Wall Street, the Dow Jones Industrial Average was down more than 850 points by mid-afternoon.

Earlier, stocks tumbled from Shanghai to London on fears th...