Michigan Farmers And The Tariff 'War' With China

What the US really wants is meaningful and verifiable change in China’s laws and regulations

Mnuchin was testifying before a subpanel of the Senate Appropriations Committee when he was asked to give an update on the China talks.

"My expectation is that we will go to Beijing at some point in the near future to continue those discussions", he said.

"Downbeat data strengthen the case for more easing", Julian Evans-Pritchard, senior China economist at Capital Economics, said in a research note.

US officials listed $300 billion more of Chinese goods for possible tariff hikes while Beijing vowed Tuesday to "fight to the finish" in an escalating trade battle that is fueling fears about damage to global economic growth. As well as looking to narrow the trade deficit between the two countries, President Donald Trump has repeatedly accused China of stealing trade secrets and forcing foreign companies to hand over technology as a price of entry to the Chinese market.

Over the weekend, White House economic adviser Larry Kudlow contradicted Trump, suggesting it's the USA that will pay for tariffs on goods coming into the us, as opposed to China.

The U.S. benchmark S&P 500 recorded its biggest one-day loss since Jan 3 on Monday, after China struck back in the trade dispute by saying it would impose higher tariffs on a range of U.S. goods.

Trump a year ago pledged up to $12 billion in aid to farmers - chiefly soybean, wheat and corn growers, and those who raise pigs.

Amid complaints from trading partners in Europe and North America, who see the United States as having embraced a "carrot-and-stick" strategy that has been thin on carrots, the Trump administration may be signaling a softer approach.

Only recently the two countries seemed close to a deal, but last week United States officials said the Chinese had reneged on some of their promises.

The three countries have not yet ratified the new deal. That's a much shorter list compared with the $200 billion of Chinese products on which Washington has hiked tariffs.

The piece claimed, 'Particularly in today's world, the Chinese market is huge and very close to the us market in size, and the trend is [we] will overtake the U.S'.

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Washington responded again by publishing a list of a further $300 billion in Chinese goods that it could also hit with 25 percent tariffs. A formal announcement is expected by Saturday, the officials added.

The tariffs of up to 25 percent on cars and parts could have a devastating impact on Japan and countries in the European Union, particularly Germany.

"US consumers, farmers, businesses and so on have become the victims of the trade frictions provoked by the United States".

As negotiations toward resolving the U.S.

Fears that the United States and China were spiraling into a fiercer, more protracted trade dispute that could derail the global economy have shaken investors in the past week.

A further escalation of the trade war could disrupt global supply lines and damage a slowing world economy.

Meanwhile, Tuesday's data showed that vehicle outputs and sales in April declined by 14.45 per cent and 14.61 per cent year-on-year respectively, according to the China Association of Automobile Manufacturers.

The bureau also said growth in industrial production slowed sharply to 5.4 percent from, while fixed asset investment in the four months to April rose 6.1 percent.

The U.S. Congress is uneasy about the potential consequences of tariffs on the economy. "So this really has major effects on everyday consumers, and really for no benefit for the U.S". Bloomberg Economics estimates about 1 per cent of global economic activity is at stake in goods and services traded between the two countries.

"What we ought to do is have a rational trade policy that doesn't have adverse consequences (rather) than have to fill the hole economically through additional payments", Hoyer, the No. 2 Democrat in the House, told reporters.

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