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In the latest escalation of US-China trade tensions, President Donald Trump on Tuesday accused China of engaging in “economically hostile” behavior by halting soybean imports and warned of possible retaliatory measures, including a cooking oil ban.
The comments came after China threatened further retaliation after imposing sanctions on five US units of South Korean shipbuilder Hanwha Ocean.
The ongoing US government shutdown is adding to broader market concerns, which a US official said was starting to weigh on the economy.
Meanwhile, Fed Chairman Jerome Powell, speaking at the NABE annual meeting, warned that a sharp slowdown in hiring was becoming a growing threat to the US economy, signaling the possibility of two more interest rate cuts this year.
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