Trump defends China tariffs and claims 'great patriot farmers' will reap benefits

China retaliates with higher tariffs on US goods

Soybean exports to China collapsed previous year when the trade war began, and agricultural exports will be hit harder when, or if, the new tariffs are imposed. "It seems like President Trump has been more jovial and more upbeat in making comments that hopefully will get this trade situation squared away".

Shares in Europe and NY rebounded yesterday as President Trump struck a more optimistic tone about the prospect of a trade deal between the United States and China.

"When the time is right we will make a deal with China", Trump tweeted.

During 2018, a recent study of Trump's tariffs by economists at Princeton, Columbia, and the Federal Reserve Bank of NY noted, "the US experienced substantial increases in the prices of intermediates and final goods, dramatic changes to its supply-chain network, reductions in availability of imported varieties, and complete passthrough of the tariffs into domestic prices of imported goods".

Chinese Foreign Ministry spokesman Geng Shuang also said it was his understanding that China and the United States had agreed to continue "pursuing relevant discussions", cited by Reuters.

Donald Trump continued to defend his trade war with China on Tuesday, claiming "great patriot farmers" in the United States would benefit from tariff increases that triggered sell-offs in stock markets across the world.


If China stops buying American farm products because of tariffs, Trump said, farmers will be compensated.

"The US move damaged the interests of the two sides and did not meet universal expectation of the global community", the statement said.

"Make your product at home in the United States of America and there is no Tariff".

China on Monday hit back against the United States, announcing it will sharply increase duties on thousands of USA agricultural and manufactured goods to retaliate against Trump's decision last week to more than double the punitive duties on hundreds of billions of dollars in Chinese merchandise. "You had a great deal, nearly completed, & you backed out!" he tweeted on Monday. He did not provide details on the plan, which follows US$12 billion in similar farm aid past year. The trade war with China is "a little squabble".

More than 10 rounds of negotiations have been held between the two sides, ever since the two leaders agreed to put a hold on the trade dispute on the sidelines of a year ago " s G20 summit in Argentina.

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