China imposed 43% Taxes on Imports of Propionic Acid from United States.

US Dollar plunged against all Major Currecnies at beginning of the Financial Week. Chinese Commerce Ministry announced to impose levy of more than 43% on Imports of Propionic Acid from it's largest Trade Rival, United States at weekend. Propionic Acid is Widely used in Manufacturing of Food items, Feed for Animals and Fisheries, and Pharmaceutical Industry. The Ministry had associated the imposition of Heaviest Taxes to an investigation that found Chinese Domestic Propionic Acid Industry bore losses due to the imports. Chinese officials warned on Friday that it firmly objects to the US raising taxes and will take all appropriate measures to protect it's Trade Rights and interests. Despite the simmering U.S-China trade rivalry, US Dollar plunged against all Major currencies , witnessed selling pressure today in Asian FX Sessions. while the Australian and New Zealand Dollars got demand in exchanges, Both countries are the Largest Trading Partners of the Asian country, which is the 2nd Largest Economy and Industrial power worldwide.