Kinzinger: China Going After Trump Base by Targeting Farmers

U.S. President Donald Trump says a deal with China will

U.S. President Donald Trump says a deal with China will

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.

The Commerce Department said it was adding Huawei Technologies Co Ltd and 70 affiliates to its "Entity List" - a move that bans the company from acquiring components and technology from US firms without government approval.

However, the onshore yuan weakened 0.1% to its lowest level since December 27, 2018, trading at 6.8874 per dollar, after the foreign ministry said it hoped the United States would not underestimate China's determination to defend its interests.

"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. "We're continuing discussions. There's still a lot of work to do".

Mnuchin said he will have separate talks with the G-7 finance ministers in Fukuoka to update them about issues involving China.

Mnuchin's remarks dovetailed with a cooling of the Trump administration's rhetoric toward China after another round of tit-for-tat tariffs between the world's two largest economies and a selloff on global stock markets.

China has announced it will in increase its tariffs on $60 billion worth of USA goods in retaliation to Trump's announcement of higher tariffs on $200 billion worth of China's exports to the United States.

On May 13, the Office of the U.S. Trade Representative (USTR) released a proposed fourth Section 301 tariff list of approximately $300 billion worth of imports from China that may be subject to additional tariffs. The agricultural department has already rolled out roughly $12 billion to help offset farmers' China-related losses.

"Markets were prone to a selloff after a good start to the year on expectations of policy easing from central banks and no escalation of trade tensions, and it's this latter pillar that has come away".

The three countries have not yet ratified the new deal.

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After her meeting with Lighthizer, Freeland declined to say whether the two countries were close to a deal.

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".

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. In the United States, the dispute jeopardizes a stock market rally that President Donald Trump touts as a vote of confidence in his economic stewardship.

In addition, Grassley said there are strict limits on how US officials could simply donate food to poor countries.

The United States has declared war on China in all but name, with President Donald Trump intent on regaining American primacy he says was forfeited by his predecessors Barack Obama and George Bush, a Democrat and a Republican.

Trump also is expected to delay a decision on slapping tariffs on imported cars and parts by up to six months, three US administration officials told Reuters.

The executive order signed by Trump does not refer to any country or company specifically, but the United States has urged other countries not to use Huawei's tech in their next-generation 5G networks, suspecting it could open up spying opportunities for China.

Amid intense political pressure from Senate Republicans, White House officials are eyeing different ways to advance funds to agriculture companies that have complained they are being caught in the middle of the escalating trade battle with China.

China on Wednesday reported surprisingly weaker growth in its retail sales and industrial output in April.

Benchmark U.S. 10-year Treasury notes last fell 3/32 in price to yield 2.4139%, from 2.405% late on Monday.

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