China to refocus on Russian market due to trade escalation with US, says minister
China may switch to the Russian market due to the worsening trade dispute with the US, Russia’s Economic Development Minister Maksim Oreshkin said on Wednesday.
“Unlike American partners, China considers Russia a reliable supplier of any products. Regarding their previous purchases from the US … we are currently negotiating agriculture and other areas with Chinese partners with an eye to China’s refocusing on the Russian market,” he said.
Oreshkin added that the Chinese economy will “undergo not the best periods” because of the worsening relationship between the United States and the People’s Republic of China.
US President Donald Trump said earlier that the US would slap more tariffs on roughly $300 bln worth of Chinese products on September 1, citing Beijing’s failure to meet its pledge to boost purchases of American agriculture products as one of the reasons.
In response, China lowered the exchange rate of the national currency below 7 yuan per dollar, which was regarded by the US as currency manipulation.