Trump says tariffs battle will help U.S. farmers

Financial Markets Wall Street Download Comp Tag as... Cancel Apply Back to search results1of50,610 results FINANCIAL MARKETS WALL STREET Overview Download now Market maker Thomas Brown follows stock prices at the New York Stock Exchange Monday May 13

Whatever you think of Trump's tariffs as a negotiating tactic, you should be troubled by the fact that the resolution of this trade war is in the hands of a man who thinks Americans would be better off if they spent nothing on imported goods they demonstrably want. "Americans understand the need to hold China accountable, but they also need to know that the administration understands the economic pain they would feel in a prolonged trade war", Grassley said in a statement.

Trump predicted tariffs will make manufacturers leave China, and said the United States will use some of its tariff revenue to subsidize American farmers whose exports might suffer in the dispute.

As the tariff announcements triggered stock market losses, Trump told reporters that he's hopeful a trade agreement with China can be reached at a G20 meeting in Japan in late June.

U.S. President Donald Trump has denied that the trade talks with China have collapsed and characterized the trade tension between the world's two largest economies as "a little squabble".

"China buys MUCH less from us than we buy from them, by nearly 500 Billion Dollars, so we are in a fantastic position", Trump wrote.

"The US tariff moves are very much like spraying bullets", read another Global Times op-ed published Monday.

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Trump again claimed a very strong relationship with Chinese President Xi Jinping and said that the dialogue with China would continue despite the punishing tariffs on both sides.

Trump said he was confident that China would come back to the table for a deal after he raised tariffs to 25 percent on $200 billion of Chinese products.

The U.S. Trade Representative's Office said that there will be a public hearing on June 17 to discuss its new list of 3,805 product categories that, if approved, could be affected by tariffs as high as 25%.

China earlier imposed additional tariffs on US$60 billion worth of U.S. imports. If the Trump administration were to follow through and apply these levies, nearly all of China's yearly $540 billion worth of exports to the USA would be subject to duties. The farmers have been "forgotten" for many years.

Trump insisted the tariffs the U.S. has placed on Chinese goods don't hurt American consumers, saying there is "no reason for the U.S. Consumer to pay the Tariffs".

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