WASHINGTON: President Donald Trump on Thursday for the first time linked a dispute over telecom giant Huawei, which he views as a threat to American security, with a deal to resolve the US-China trade war.
The Trump administration ramped up the aid from the $12 billion provided last year but officials said they increased and redesigned the program this year to make it easier to understand. He offered no details but said any arrangement "would look very good for us, I can tell you that".
China retaliated with its own levies on U.S. imports, but it was Washington's subsequent move against Huawei that took the trade war into a new phase, stoking fears about risks to global growth and knocking financial markets.
Wall Street firms now seem resigned to the unnerving reality Trump will follow through on his threat to impose a 25 percent tariff on all remaining US imports from China. Appearing before the House Financial Services Committee, Mnuchin said China took a "big step backwards".
Among those bracing for higher costs if the new tariffs kick in is Jay Foreman, CEO of Basic Fun!, a Boca Raton, Florida, toy company that imports from China.
But there's a reason so many importers have been buying from China-it's extremely good at efficiently producing quality goods at very low prices.
Despite the pain, more than half of respondents said they favour protracted trade talks to continue in order to address "structural issues allowing them to operate on a more level playing field".
"When farmers can't make sales, they can't earn income".
Needless to say, this is a very broad view that fails to take in a number of factors.
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Trade talks between Beijing and Washington deadlocked this month as Trump accused China of backing out of a deal that was taking shape with USA officials, saying China reneged on an agreement to enshrine a wide range of reforms in law.
"Farmers have been reassured time and time again over the past year that results will be achieved and agreements made with key trading partners".
The USDA said the timing of the announcement was not meant to skew planting decisions for farmers. For instance, their research shows that after 10 percent tariffs were imposed in July 2018, importers paid $3 billion a month in tariffs, or what would have been $36 billion over the course of an entire year.
Such a move would be welcomed by China which has urged the U.S. to "correct their wrong actions" if they want to continue trade talks.
On May 10, Washington raised duties on $200 billion in Chinese products to 25 percent from 10 percent.
USDA officials said the amount each farmer receives will be based on the damage calculated to each U.S. county, with equal payments made to all farmers based on the acreage planted, regardless of crop, to prevent distorting planting decisions. "I'm sure they, like us, just want open free markets to trade in!"
The China Daily, an English-language newspaper, said USA expressions of concerns about Chinese surveillance equipment maker Hikvision were for the self-serving aim of claiming the "moral high ground" to promote Washington's political agenda.
But corn and soy farmers wouldn't immediately benefit from that because the majority of their crops aren't for human consumption - they are turned into animal feed, oil and ethanol.