Top U.S. and Chinese trade officials met over the phone Tuesday to try to further negotiations to end the countries’ trade war, said to President Donald Trump, who said the negotiations were “productive” and offered optimism that a conclusion could come soon.
Former Vice President Joe Biden says President Donald Trump’s ongoing trade war with China will be harder on the farm economy than many producers think, pushing some into bankruptcy and stressing related industries.
The trade war with China has gone on longer than most expected, so it was a jolt to the collective system when President Donald Trump said twice in the past two weeks that it might rage on for another year or longer.
China, in retaliation for new U.S. tariffs, revoked its latest goodwill gesture of exempting some Chinese importers from its own tariffs on U.S. soybeans, but at least one U.S. shipment will get through unscathed, according to U.S. government and industry officials.
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.
The U.S. and China have wrapped up their first round of face-to-face trade negotiations since talks fell apart in May and both sides agreed to meet again in September as President Donald Trump continues to tone down expectations of a quick resolution.
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.