Easing Trade Tensions?
April 10, 2018
Chinese President Xi Jinping has pledged to cut Chinese auto tariffs and improve intellectual property protections – promises that could be interpreted as concessions in the ongoing trade dispute with the U.S. Jinping made no direct mention of U.S. President Donald Trump or the dispute, and he also did not address other key irritants for Washington, such as opening the Chinese banking industry, boosting imports of U.S. goods, and its requirements for foreign companies to work through joint ventures requiring them to give technology to potential local competitors.
Meanwhile, President Trump tried to reassure U.S. farmers, who stand to suffer significant losses in a drawn out trade dispute with the Asian juggernaut, that their best interest is his priority. Late last week, the President instructed the Secretary of Agriculture to prepare to protect farmers’ incomes and livelihoods from Chinese retaliation against U.S. tariffs. But Secretary Perdue has avoided any comment on the details of possible USDA action, or on any broader aspects of Trump’s plans or strategies.
But there’s still uncertainty throughout the ag sector, and some lawmakers on Capitol Hill are not convinced that the industry will escape serious harm before all is said and done.
Watch the above video for further details.