In this file:
· Trump Says It’s ‘Fine’ If September China Talks Are Canceled
· China's boycott of U.S. farm goods crushes hope that Trump trade war will end soon
Trump Says It’s ‘Fine’ If September China Talks Are Canceled
By Josh Wingrove, Bloomberg
August 9, 2019
President Donald Trump said talks with China planned for next month could be called off after the trade war between the world’s biggest economies abruptly escalated in recent days.
“We’ll see whether or not we keep our meeting in September,” Trump said as he left the White House Friday for a fundraiser in the Hamptons. “If we do, that’s fine. If we don’t, that’s fine.”
Trump last week said new tariffs on Chinese imports will take effect Sept. 1, shattering a truce reached with President Xi Jinping weeks earlier and unleashing tit-for-tat actions on trade and currency policy that risk accelerating a wider geopolitical fight between the two countries.
Trade negotiators are currently scheduled to meet again in Washington in September. Recent escalations have raised the possibility that negotiations could break down once again...
China's boycott of U.S. farm goods crushes hope that Trump trade war will end soon
Donnelle Eller, Des Moines Register (IA)
Aug. 9, 2019
Iowa farmer Lindsay Greiner no longer uses "dispute" to describe escalating trade tensions between the U.S. and China.
"I’ve tried to avoid calling this a war, but that's what it really is. It's not going to be resolved anytime soon," said Greiner, who raises corn, soybeans and pigs near Keota.
China said this month it would no longer buy American farm goods, deepening concern that a new trade deal could take months, if not years, to resolve.
It was unwelcome news for Iowa and U.S. farmers, already facing spring flooding that kept many from planting crops, adding to struggles with low prices and growing supplies of corn, soybeans, pork and milk.
"It's not surprising, when the president announced tariffs on $300 billion in Chinese products," Greiner said. "I'm not happy about it, but I'm not surprised."
President Trump warned the U.S.’s 10% tariff on $300 billion of Chinese imports would go into effect Sept. 1. The U.S. already has a 25% tariff on $250 billion of Beijing goods.
China slashed its U.S. farm purchases last year 53% to $9.2 billion from 2017. Soybeans purchases took a huge hit, falling nearly 75% to $3.1 billion.
President Trump tweeted Tuesday he could be counted on for continued trade assistance. His administration is sending out $16 billion in aid this year, following last year's $12 billion trade bailout.
"Our great American Farmers know that China will not be able to hurt them in that their President has stood with them and done what no other president would do - And I’ll do it again next year if necessary!"
Bailing out farmers hammered by trade battles for a third year could be difficult.
The president has used the Commodity Credit Corp., a standalone government agency with the ability to borrow up to $30 billion, to send out $28 billion in assistance.
"I'm wondering if we can continue to do that ... or we going to have to find another mechanism" to fund a third-round of payments to farmers, said Chad Hart, an Iowa State University agricultural economist...
... China's need for pork could be a test of the country's willingness to stick to its U.S. ag boycott...