US President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China to Vietnam and other countries in Asia, and added that any agreement with China can not be a "50-50" deal. But he, too, faces pressure not to cave in to American demands. US stock indexes fell 2 percent in response to the news.
As it stands, the United States has already put tariffs on Dollars 250 billion worth of Chinese goods and is gearing up to include Dollars 300 billion worth of goods in the list. In announcing the new tariffs, Trump accused China of backtracking on previously agreed-upon positions in the talks. In one tweet directed at Chinese officials, Trump said, "You had a great deal, nearly completed, & you backed out!" The Chinese government responded by announcing higher tariffs on $US60 billion worth of U.S. goods. Several key US lawmakers were threatening to reject the pact unless the tariffs were removed.
Both Mr Trump and Mr Xi are looking to do a deal before or at the G20 summit in Osaka at the end of June.
The tough talk capped a week that saw Beijing unveil fresh retaliatory tariffs, U.S. officials accuse China of backtracking on promises made during months of talks and the Trump administration level a potentially crippling blow against one of China's biggest and most successful companies. Beijing, however, has shown no sign it is willing to bend on US demands for legal changes. Pork is by far the most consumed meat in China.
Last year, Congress approved $12 billion in trade war farm aid. Reducing that imbalance has been one of Trump's stated goals in the trade negotiations.
"After so many threats and missed deadlines for concluding negotiations, this ongoing uncertainty is unacceptable to US farmers", Stephens stated.
Shares of Huawei's U.S. suppliers fell on fears the Chinese firm would be forced to stop buying American chips, software and other components after the Trump administration banned it from buying USA technology without special approval.
A joint study by the Federal Reserve, Princeton, and Columbia Universities concluded that in 2018, American businesses and consumers were paying more than $3 billion in higher costs per month and losing $1.4 billion per month because of the tariffs.
Agriculture Secretary Sonny Purdue said Wednesday night that he is putting together a second round of financial assistance for farmers and ranchers hit by President Trump's trade war with China. "They've figured out a way, at a premium, to source all the beans they need with few coming from the US", he said. Losing a valuable market, losing stable pricing, losing an opportunity to support our families and our communities. Mr Trump prefers a divide and conquer bilateral approach with maximum United States leverage in negotiations. "Farming is our livelihood". What was even more damaging was the United States placed Huawei and 68 of its affiliates on a list that means it will have to obtain government approval in order to buy American-made components. That plan will be presented to President Donald Trump in the coming days, and he says that the Commander-in-Chief wants to do all he can to back up American farmers. "Half of the top 10 soy-producing states in the USA are along the Mississippi River, including Illinois, Iowa, Minnesota, Missouri and Arkansas".
Calling China's efforts to unseat the United States as the world leader an "epic battle of our times", President Donald Trump's economic adviser Steve Moore warns against voting a "China apologist" like former Vice President Joe Biden into the White House. My state ranks second in US soybean production, with soybeans making up 37 percent of total Iowa crop production.
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