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Agriculture Secretary Sonny Perdue said President Trump reassured him that farmers would not be hurt by an ongoing trade dispute with China."If these tariffs actually come into play, it's going to be concerning to our farmers.But I talked to the president as recently as last night.To no one’s surprise, Beijing retaliated, proposing 25% tariffs on imports of U. soybeans, corn, airplanes and automobiles in a package that totals about billion worth of goods.Commodity futures markets plummeted in response to the tariffs.“It’s very disconcerting,” Roberts told the Kansas City Star.
In the meantime, Trump shows no sign of backing off, the Times says.
And market indicators already are signaling powerful domestic economic threats. Calls For Additional 0 Billion In New Tariffs on Chinese Goods A Bloomberg Report says President Donald Trump ordered administration officials to consider imposing an additional 0 billion worth of tariffs on Chinese goods.
This is a critical issue producers should watch closely as the debate proceeds, Washington Insider believes. That announcement heightened concerns the two nations are heading toward a trade war. Trade Representative Robert Lighthizer followed Trump’s announcement of possible additional tariffs by saying none of them would take effect right away. He also says steps will be taken to address that reality. One day earlier, Perdue said the prospect of an extended trade war might require Congress to take some extraordinary measure in the next farm bill.
Protecting all sectors involved could be very costly, but not protecting some exporters while stepping in to protect ag producers likely would be politically risky.
In addition, the White House strategy to press China to reform its economic behavior seems entirely opaque, the Times said.
The talks have moved slowly for the past eight months and all three countries want to settle the process as quickly as possible. demand that the North American content of vehicles produced in the NAFTA nations be increased from 62.5 percent to as much as 85 percent.