The trade war between the U.S. and China could go on for months or years, according to erratic statements from the White House, but for the first time in weeks, there is renewed optimism because China has agreed to new negotiations.
The U.S. and China are set to begin trade talks again after a tumultuous week of tension-escalating threats of new tariffs and tariff-rate increases that roiled international markets and alarmed the U.S. ag sector.
President Donald Trump said Thursday he will hit roughly $300 billion worth of Chinese goods — effectively the only goods remaining untaxed in the ongoing trade war — with a 10% tariff on Sept. 1, raising concerns that the recently renewed trade talks are not going well.
Agriculture will be one of the core subjects when U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to China next week to resume trade talks, according to a White House statement released Wednesday.
By the end of the year, China is finally expected to implement the quotas for corn, wheat and rice as it agreed to do about 20 years ago, but it may not be a cause for celebration for American farmers.
Negotiations between the U.S. and China resumed this week after Presidents Donald Trump and Xi Jinping agreed last month to try again to end their trade war, and California’s wine makers are hoping a resolution can salvage years of work to turn the Chinese into faithful customers.
The Trump administration is looking this week to increase the pressure on Congress to approve the U.S.-Mexico-Canada trade agreement while making progress with China in the wake of the recent meeting between President Donald Trump and Chinese leader Xi Jinping.
President Donald Trump said Saturday that he and Chinese President Xi Jinping have agreed to restart talks to end the U.S.-China trade war that has cost the U.S. ag sector billions of dollars in lost exports.