U.S. farm groups are coming out in strong support of the Trump administration’s new trade assistance package to help soften the blows of Chinese tariffs, but also stress the new aid is only short-term relief and far less effective than an end to the trade war.
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.
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.
When President Donald Trump fired off a pair of tweets on Sunday, he set the stage for a market shakeup at home and abroad as politicos and producers alike tried to determine where global trade talks stood.
President Donald Trump highlighted the importance of getting Japan to lower its tariffs on U.S. farm commodities as the two countries hash out a bilateral free trade agreement, a deal he said is progressing very rapidly.
President Donald Trump backed away from his threat to shut down the southern border with Mexico but then also pledged to hit the country with automobile tariffs, a move that breaks a promise not to do so under the renegotiated North American trade pact.
If American almond, citrus, pork, apple and dairy farmers want any chance of regaining their markets in China, Mexico and Canada, U.S. steel and aluminum tariffs will likely have to be lifted. The problem, however, is the threat of cheap foreign metal flooding the U.S. market is now as high as ever.
Retaliation from around the world to U.S. steel and aluminum tariffs is still hitting farmers and ranchers here hard, but the pain could get a lot worse if President Donald Trump follows through with threats to impose new import taxes on cars and car parts.