Tariffs have dominated the headlines in recent days, but more than 130 countries have reportedly offered to negotiate over the last week. It is a move Senate leaders say would be in China’s best interest.
“I’m hoping that in the end, the Chinese, like a lot of other countries, come to the table. There is clearly, in my view, room for negotiation that would achieve the objectives the president has laid out and could be in the benefit of both the US and China,” said Senator John Thune.
It was a wild ride in the trade world last week. Early Friday morning, China raised their tariffs on U.S. products to 125 percent. Officials in Beijing say it is likely to be the last tariff increase because they say U.S. exports to China are no longer viable. That leaves U.S. tariffs on Chinese goods at 145 percent, including a prior 20 percent rate due to concerns about fentanyl trafficking.
Thune says the President has been clear on that since day one.
“The president has made it very clear that he wants changes made, starting with fentanyl and the precursors that the Chinese make and then distribute and get into this country. But I think that there are other, reciprocal type trading policies that could be implemented, if the Chinese will come to the table and work with this administration.”
All other countries got a break from Washington last week. President Trump took all reciprocal tariffs for other countries back to 10 percent for 90 days, excluding China.
Shaun Haney joined RFD News to discuss the potential impact of the Trump-Xi summit uncertainty, ongoing agricultural trade talks, and why geopolitical developments could carry important implications for farmers and global commodity markets.
