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.
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.
China agreed to buy an additional 10 million metric tons of U.S. soybeans as negotiators from both countries agreed to extend the latest round of trade talks to go through the weekend, a sign that significant progress is being made to end the trade war, President Donald Trump said Friday.
USDA economists expect farmers to increase plantings of corn this spring while reducing their soybean production as the Trump administration's ongoing trade war with China remains unsettled. Record amounts of meat and milk production are projected.
China needs rice imports, U.S. farmers are anxious to sell more rice and it might not be long before the countries are doing business after more than 20 years of haggling over details of opening up trade.