President Trump said on Tuesday that Chinese manufacturing would “crumble” if the country did not agree to the United States’ trade terms, as newly released data showed his trade war was washing back to American shores and hurting the factories that the president has aimed to protect.
President Trump on Thursday unveiled a $16 billion bailout for farmers hurt by his trade war with Beijing, signaling a protracted fight ahead that is already prompting some American companies to shift business away from China.
The United States and China escalated their trade fight on Monday as Beijing moved to raise tariffs on nearly $60 billion worth of American goods in retaliation for President Trump’s decision to punish China with higher tariffs on a slew of imports.China’s finance ministry announced that it was raising tariffs on a wide range of American goods to 20 percent or 25 percent from 10 percent in response to Mr. Trump’s decision to raise tariffs to 25 percent on $200 billion worth of Chinese goods
President Trump said on Monday that the United States and Mexico had reached an accord to revise key portions of the North American Free Trade Agreement and would finalize it within days, suggesting he was ready to jettison Canada from the trilateral trade pact if the country did not get on board quickly.
President Trump accused China and the European Union of manipulating their currencies and continued to criticize the Federal Reserve for raising interest rates, saying those moves are putting the United States at a disadvantage. His comments once again break with longstanding White House norms, in which American presidents tend to talk sparingly about the United States dollar and, when they do, generally reiterate that a strong dollar is in the national interest.
he Trump administration said on Friday that it would move ahead with tariffs on $50 billion of Chinese products, drawing a vow of retaliation from Beijing and escalating a trade war between the world’s two largest economies.
Some of the president’s economic policies could actually harm the farm industry. New analyses of the tax law by economists at the Department of Agriculture suggest it could actually lower farm output in the years to come and effectively raise taxes on the lowest-earning farm households, while delivering large gains for the richest farmers.
The layoffs have stunned these steelworkers who, just a year ago, greeted President Trump’s election as a new dawn for their industry. Mr. Trump pledged to build roads and bridges, strengthen “Buy America” provisions, protect factories from unfair imports and revive industry, especially steel.
In recent weeks, the Trump administration has sparred with American businesses that support Nafta and pushed for significant changes that negotiators from Mexico and Canada say are nonstarters. All the while, the president has continued threatening to withdraw the United States from the trade agreement, which he has maligned as the worst in history.