Pork and agriculture shares soar in China on news of US trade barriers
Shanghai — Chinese pork and agriculture shares escaped the market downdraft from US-China trade tensions on Friday, rising sharply on anticipation that potential new barriers on US imports could fatten up the sales of domestic producers. China, the world’s largest pork producer, consumer and importer, on Friday released a hit list of US goods that could face duties of up to 25%, notably pork, fresh fruit and wine. The threatened measures are in retaliation for US President Donald Trump’s signing of a new trade order that could impose duties as high as 25% on Chinese goods. Pig breeder Hunan New Wellful surged by the maximum permitted daily amount of 10% to close at 5.81 yuan in Shanghai. On China’s second board in the city of Shenzhen, Guangdong Wens Foodstuff Group, one of the country’s largest pig breeders, advanced 3.66% to 21.54 yuan. Such shares defied a global market rout caused by the escalating tensions and which dragged Shanghai’s main index 3.39% lower at the close, while ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.