The Trump administration today announced it is levying new tariffs on $200 billion worth of Chinese goods, escalating a trade war between the two countries that has hit the U.S. agriculture sector especially hard thanks to Chinese retaliation.
The Department of Agriculture may have addressed many of the lingering questions about its trade assistance package with a Monday announcement detailing many of the relevant figures, but inquiring producers are still wondering how many aspects of the plan will be sorted out.
The USDA appears to be on track to unveil on Friday details of a $12 billion assistance plan for farmers hurt by the international blowback from President Donald Trump’s trade battles with China, Mexico, the European Union, Turkey and elsewhere.
China today promised to strike back once again over a planned escalation of U.S. import taxes. The Chinese Finance Ministry announced it will increase tariffs on an additional $60 billion worth of U.S. products if the U.S. follows through with a plan to add tariffs to $200 billion of Chinese goods by September.
President Donald Trump and European Commission President Jean-Claude Juncker agreed to new negotiations today aimed at ending the trade war in a deal that would somehow result in Europeans buying more U.S. soybeans.