China 'cutting their own noses off' by halting iron ore imports from BHP

Moomoo Australia CEO Michael McCarthy discusses how BHP shares fell 2.5 percent after Beijing halted iron ore imports. Beijing has suddenly halted iron ore imports from BHP, escalating trade tensions and threatening billions in Australian exports. “This does look very much like it’s part of the negotiation,” Mr Mcarthy told Sky News Business Editor Ross Greenwood. “The issue for China is that if it stops buying BHP iron ore, it’s going to have to buy lower quality iron ore and have to pay more to ship it there … the economics here don’t stack up. “They would be cutting their own noses off if they were to stop buying from BHP.”