China bans over 100 Taiwanese food factories from importing products

Dhwani Mehta FXStreet

Ahead of US House Speaker Nancy Pelosi’s visit to Taiwan, China’s General Administration of Customs suddenly banned the import of more than 100 food products from Taiwan, which may cause serious damage to the country’s food industry, agriculture and fisheries, per Chinese media outlets.

The move by China is seen as a retaliation for Pelosi’s visit to Taiwan.

Beijing sources said the "target was very clear" in the rush to make the big decision late in the day and night.

The sources admitted that the Department of Hong Kong, Macao and Taiwan Affairs of the Ministry of Commerce of the Mainland and the Economic Bureau of the Taiwan Affairs Office of the State Council already knew about the matter, and the Mainland also understood the impact of this matter on cross-strait trade.

Meanwhile. Taiwan's Defence Ministry said that the military has a 'full grasp' of activities near Taiwan and will appropriately dispatch forces in reaction to enemy threats.

They warned, “we have determination, ability and confidence to ensure national security.”

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Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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