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President Donald Trump took another swing at China on Tuesday afternoon, sending the major indexes lower and soybean-related stocks soaring just before the closing bell.
President Trump said in a Truth Social post that China committed an "Economically Hostile Act" by "purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers."
"We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution," Trump said.
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The latest trade threat comes as tensions between the U.S. and China run high and Trump's position seems to change daily.
Last Friday, President Trump said that starting Nov. 1, the U.S. would introduce new 100% tariffs on all Chinese goods after China tightened controls on the export of rare earth minerals.
He then walked his statement back on Monday, stating "Don't worry about China, it will all be fine! Highly respected President Xi just had a bad moment."
Markets rallied on Monday as the tension had seemed to ease.
After Trump's social media post on Tuesday afternoon all three major indexes dropped as tensions ramped up again in the ongoing trade dispute with China.
The S&P 500, tracked by the SPDR S&P 500 (NYSE:SPY), closed down by 0.16% and the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ) ended the day 0.76% lower, according to Benzinga Pro.
Seed and agriculture-related stocks rallied, however, with Origin Agritech Limited (NASDAQ:SEED) up 81%, Arcadia Biosciences, Inc. (NASDAQ:RKDA) up 57% and Australian Oilseeds Holdings Limited (NASDAQ:COOT) up 80% in Tuesday's extended trading.
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