China

Pablo Martinez Monsivais / Associated Press

Despite his backing of tariffs against China, Sen. Sherrod Brown (D-Ohio) is holding off his support of President Donald Trump’s plan to give struggling farmers $12 billion in aid.

Ohio U.S. Senator Rob Portman
J. Scott Applewhite / Associated Press

Sen. Rob Portman (R-Ohio) says he would like to see an end to trade disputes with China, but says Trump’s decision to provide $12 billion in subsidies to American farmers might be a good short-term solution to trade shortfalls.

The Trump administration is coming to the aid of farmers hurt by its own hard-line trade policies, announcing Tuesday that it will make an estimated $12 billion in government assistance available, including direct payments to growers.

The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports.

President Trump threatened to impose tariffs on every product imported from China, dialing up the pressure in the growing trade dispute between the world's two economic superpowers.

In an interview with CNBC broadcast this morning, Trump said, "We're down a tremendous amount," referring to the trade imbalance between the U.S. and China. "I'm ready to go to 500."

A trade war with China, the European Union and other trading partners is casting some doubts about the U.S. economic future, Federal Reserve Chairman Jerome Powell said Tuesday.

And the longer it goes, the more potential harm it could cause, Powell told the Senate Banking Committee at a hearing about the Fed's monetary policy and the economy.

China has filed a case with the World Trade Organization against the U.S. to protest the Trump administration's plan to put new tariffs on $200 billion worth of Chinese imports. China says the tariffs are illegal attempts at protectionism.

China's Ministry of Commerce announced it is pursuing legal remedy against the U.S. in a brief statement on its website — the latest in an escalating trade conflict between the world's two largest economies.

Updated at 2:50 a.m. ET on Wednesday

The Trump administration has published a preliminary list of additional Chinese products that could be targeted with tariffs in the escalating trade war between the world's two biggest economies. The list covers some $200 billion in Chinese exports that could be hit by a 10 percent tariff. It's an extensive list of over 6,000 goods that include seafood, propane and toilet paper, among many other things.

Several months into the Trump administration's aggressive rollout of tariffs on imported products, the results are piling up across the American business landscape. And not all of them are negative.

In Hillsboro, Ore., a solar plant got a second chance at life after tariffs on imported solar panels went into effect in January.

What A U.S.-China Trade War Could Mean For The Opioid Epidemic

Jul 6, 2018

The American struggle to curb opioid addiction could become collateral damage in President Donald Trump’s showdown on trade. 

Updated at 8:15 a.m. ET

As the day dawned across the U.S. on Friday, a new economic reality dawned with it: The tariffs long threatened against billions of dollars in Chinese goods took effect just at midnight ET while many Americans were sleeping — but Beijing was ready immediately with a wake-up call of its own.

The Trump administration is doubling down on its trade rhetoric, even as other countries ready tariffs on American goods and U.S. business groups part company with the president over his trade policies.

The order came in April. China's government instructed farmers in the country's northeastern breadbasket region to grow more soybeans, calling it "a political priority."

But soybean fields lay empty in the village of Sandaogou, which means "Three Ditches," in Liaoning province. It has been a dry spring.

"We've had a drought this year, so we planted soybeans late. The seedlings should be out by now. We need more rain," says farmer Liu, who only gives her surname for fear of trouble with local authorities. Soy, after all, has become "political."

In the latest move in an escalating trade dispute, President Trump announced Monday evening that he was asking U.S. Trade Representative Robert Lighthizer to suggest $200 billion worth of Chinese goods on which the U.S. could impose a 10 percent tariff.

Updated at 3:57 a.m. ET Saturday

President Trump is enacting a 25 percent tariff on $50 billion of Chinese goods "that contain industrially significant technologies," after months of exchanging threats amid concerns over a potential trade war.

U.S. Customs and Border Protection will begin to collect tariffs on the first $34 billion worth of Chinese imports on July 6. A second set of imports subject to tariffs is still under review.

Flickr.com

An Ohio State study finds that some Ohio farmers could lose more than half of their annual income if a threatened 25 percent tariff goes into effect on soybeans and corn sent to China.

Pages