China has been a big part of the market turmoil over the last several weeks.
Analyst Mike Zuzolo says many traders are operating under the belief that a deal will soon be reached. However, he is not so sure, saying that the people President Trump has chosen to negotiate trade with have their hearts in rural America.
“Almost all of them come from the same background of the middle part of the country and have seen their towns or cities hollowed out, manufacturing hollowed out, and I think the proof is in the pudding at this point of what he’s willing to do, even if it means, as he would say, short-term pain for long-term gain.”
Related Stories
Foreign trade partners, such as China and the European Union, are still purchasing U.S. commodities, but are becoming more cautious as the Trump Administration’s tariff deadline approaches in August.
$15 billion in U.S. energy, $4.5 billion ag products, 50 Boeing jets—plus a 19% tariff on Indonesian exports in exchange for U.S. market access.
