The U.S., Canada and Mexico are getting close to a deal to lift U.S. steel and aluminum tariffs on its North American allies, clearing the way for ratification of a new trade pact for the three countries, says U.S. Treasury Secretary Steven Mnuchin.
President Donald Trump says he’s still confident the U.S. and China can reach a deal to end the trade war, but talks have all but collapsed, both sides are threatening even more or steeper tariffs and the U.S. is scrambling to protect farmers with more aid.
China’s Finance Ministry announced today the country will raise tariff rates on $60 billion worth of U.S. products, an expected trade war escalation after the U.S. increased import taxes on Chinese goods Friday.
Agriculture Secretary Sonny Perdue confirmed Friday that USDA, at the request of the White House, is working to put together a second aid package for farmers to make up for losses from Chinese tariffs.
The optimism coming out of the White House and USDA for a U.S. deal with China to end the trade war has been growing for months, but the rosy outlook dimmed this week because of a new rift between both countries’ negotiators.