U.S. Secretary of Agriculture Sonny Perdue admitted Tuesday that America’s farmers “are one of the casualties here with trade disruption.” Speaking to CNN during a visit to Iowa, Perdue said that while he hoped President Trump would come to an agreement with China by the end of the year, he could not promise anything for 2020.
“Trump’s threats work to some extent against weak targets, but not against stronger ones. Canada and Mexico, which are so dependent on exports to the U.S., have been willing to make tough concessions rather than risk serious harm to their own economies. Korea, which is so dependent on the U.S. security umbrella, was also willing to do a quick deal,” said Edward Alden, an economics professor at Western Washington University. “But bigger trading partners — China, the E.U., even Japan — have proved far less compliant.”
Could a trade agreement with China be on the horizon? Maybe. President Trump said he and Chinese President Xi Jinping will have an “extended meeting” next week at the G-20 summit in Japan. Trump tweeted that he and Xi “had a very good telephone conversation,” and that “our respective teams will begin talks prior to our meeting.” Xi has said he hopes the U.S. treats Chinese companies “fairly”—possibly a reference to the U.S. ban of telecommunications giant Huawei over national security concerns.
Prime Minister Justin Trudeau and U.S. President Donald Trump are to discuss continental trade and their shared challenges with China in a meeting in Washington next week. The Prime Minister’s Office says the leaders will use next Thursday’s meeting to talk about the ratification of the new North American trade agreement and outstanding trade disputes between Canada and the United States.
The recent showdown with Mexico marks a high point in Donald Trump’s economic adviser Peter Navarro’s tumultuous tenure in the White House, as Trump’s increasingly aggressive actions on trade, including toward China, mirror policies that the man he calls “my Peter” has pushed since the beginning of the administration.
Sec. of State Pompeo is on a mission to improve the trading relationship between the U.S. and India, following President Trump’s decision to end India’s preferential trade treatment. Pompeo is seeking more access for U.S. businesses to India’s local markets.
With under three weeks to go before proposed talks between the Chinese and U.S. leaders, expectations for progress toward ending the trade war are low and sources say there has been little preparation for a meeting even as the health of the world economy is at stake.
As China and the U.S. engage in an increasingly aggressive trade war, economists are concerned that DonaldTrump’s tariffs may tip the U.S. economy into a recession. “They are taxes, they hurt consumers, they hurt American companies,” said Gary Shapiro, president and CEO of the trade organization Consumer Technology Association. Trump’s “weaponization of tariffs” hurts the U.S. economy and “creates uncertainty” with trading partners, said Myron Brilliant, head of international affairs at the U.S. Chamber of Commerce.
Shao Yang, Huawei’s chief strategist, suggested that the company would have become the number one smart phone producer in the world this year if it was not for “unexpected” circumstances. It is believed that Yang is referring to U.S. action taken against Huawei, including the placement of Huawei on the U.S. exports blacklist and banning its sale in the very lucrative, U.S. market.
Foxconn, an electronics industry company, is making it clear that should the trade war between the U.S. and China worsen, forcing Apple to move its supply chain out of China, Foxconn is large enough to fill in and help Apple.
“Mexico has actually been placating the U.S. appetite for immigration enforcement for years now. Mexico has deported more migrants back to El Salvador, Guatemala, and Honduras than the United States since 2015, according to Migration Policy. Mexico still honors agreements like the Mérida Initiative that call ‘for better infrastructure and technology to strengthen and modernize border security at northern and southern land crossings, ports and airports.’ The real U.S. southern border has already been extended into Mexico for years—a fact Trump doesn’t want to let people know, since it would fly in the face of his anti-Mexican positioning.”
In true Trump tantrum fashion, President Trump is demanding that Chinese President Xi meet with him at the upcoming G-20 summit to talk trade. If he refuses, Trump threatened to impose more tariffs on Chinese imports.
President Donald Trump said on Monday the United States had signed another portion of an immigration and security deal with Mexico that would need to be ratified by Mexican lawmakers. He, of course, did not provide any details but threatened tariffs if Mexico’s Congress did not approve the plan.
Donald Trump is claiming victory, as the U.S. and Mexico have struck some sort of a deal on immigration and trade, avoiding Trump’s proposed tariffs on Mexican imports. Many view Trump’s proposed tariffs as a problem of his own making, of which he is now claiming victory.
Trump’s trade war with China is doing little to bring jobs back to the U.S., but it is doing a lot for China’s neighbors. U.S. imports from Vietnam, Taiwan, and South Korea have all increased by 38 percent, 22 percent, and 17 percent respectively. Amid the trade war U.S. imports from China have dropped by 12 percent.
The four members of Maine’s congressional delegation sent a letter this morning urging President Donald Trump to provide relief to members of the lobster industry affected by the ongoing trade war with China – much as American farmers received government support to mitigate negative economic consequences.
New tariffs on Mexico won’t be in anyone’s best interests, either in Mexico or stateside. For state economies, the impact of these rising prices depends on how reliant their major industries — from automakers to food producers to energy companies — are on suppliers in Mexico. Here’s how they would affect each state in the Union.
As Chinese President Xi Jinping and Russian President Vladimir Putin meet in Russia, Huawei and Russia’s mobile phone operator MTS have come to an agreement for Huawei to build Russia’s 5G network.
President Trump is signaling that talks on immigration with Mexico are progressing, but not enough to stop his tariffs. He said, “I’m very happy with [the tariffs]…” It is unclear if Congress will block the tariffs or if Mexico can make enough changes to satisfy Trump.
Mexican soldiers, armed police and migration officials blocked hundreds of migrants after they crossed the border from Guatemala in a caravan into southern Mexico on Wednesday, and detained dozens of them. The operation coincided with a meeting of Mexican and U.S. officials at the White House on Wednesday to work out a deal that would avoid blanket tariffs on Mexico threatened by U.S. President Donald Trump last week.
U.S. President Donald Trump threatened to hit China with tariffs on “at least” another $300 billion worth of Chinese goods but said he thought both China and Mexico wanted to make deals in their trade disputes with the United States. While Trump said on Thursday that talks with China were ongoing, no face-to-face meetings have been held since May 10.
“The larger issue is that Donald Trump’s unpredictably incendiary foreign policy sits uneasily with the principles of FOIP (‘free and open Indo-Pacific’). Tensions with Iran are pulling America’s attention back to the Middle East. The compulsive resort to tariffs undercuts a rules-based trading order. Mr. Trump’s lack of interest in human rights hardly furthers freedom. And to many in Asia, America’s war on Huawei or its sanctions against buyers of Russian arms or Iranian oil look an awful lot like China’s ‘toolkit of coercion,’ as Mr. Shanahan put it.”
“President Trump’s tariffs and trade wars play a critical role in his reelection schema. Having largely thrown in with conventional GOP plutocracy—most notably with the massive 2017 corporate tax cuts—Trump’s moves on trade are the political life support that keeps alive the faint-pulsed aura of economic populism he concocted in 2016, largely betrayed in office, and hopes to duplicate in 2020.”
Attempting to accomplish something concrete on his largely ceremonial UK visit, Donald Trump couldn’t help causing controversy. He brashly promised that the U.S. and UK could as much as triple their trade after Brexit, while hinting that Britain’s popular government-run National Health Service could be opened up to American companies. He later walked back the comment after a British outcry.
White House official and economist Peter Navarro said, “We believe that these tariffs may not have to go into effect precisely because we have the Mexicans’ attention.” This comes after President Trump insisted that the plan to place tariffs on Mexican imports was not a bluff.
Defiant Republican senators warned Trump administration officials Tuesday they were prepared to block the president’s effort to impose tariffs on Mexican imports, threatening to assemble a veto-proof majority to mount their most direct confrontation with the president since he took office.
Republicans who let Donald Trump slide on his border wall emergency declaration may regret it sooner than they thought. Senate Republicans said Tuesday that the administration has floated declaring a second national emergency to implement new tariffs on Mexico. But the move would pave the way for a significant fight, as Senate Republicans have publicly and privately voiced opposition to the tariffs.
Donald Trump is turning the Republican Party into the party of tariffs, this time threatening tariffs on Mexican goods, should Mexico fail to stop Central American migrants from moving through the country. Republican senators have threatened to block the tariffs with a veto-proof majority. Will this be the issue that finally pushes them to stand up to the president?
Two recreational fishermen fishing off the coast of South Carolina pulled mysterious-looking debris from the water onto their boat. Upon further investigation, the pair found 30 to 50 kilos of cocaine, worth up to $1 million.
Donald Trump warned Republicans in Congress not to block his tariffs on Mexico, saying that such a decision would be “foolish”. Unless Congress can block the tariffs or Mexico can solve the immigration problem that has beguiled Trump for years, the tariffs on Mexico will go into effect on June 10.
Donald Trump promised Britain a substantial post-Brexit trade deal with the United States on Tuesday, quipping to outgoing Prime Minister Theresa May that she should stick around to see it through. “We’ll have a very, very substantial trade deal, it’ll be a very fair deal, and I think it’s something we both want to do,” Trump told May at a meeting.
The Mexican government has employed a tone of friendship that’s averse to conflict, but behind the scenes, officials are warning the Trump administration that they’re prepared use targeted countertariffs if the U.S. carries out threats of new tariffs on Mexican imports. Mexican Foreign Sec. Marcelo Ebrard met with State Department officials in Washington over the past 48 hours in an effort to find a solution to a tariff fight he described as “counterproductive” and would not decrease immigration.
The Tariff Man has another target in his sights, and it’s our ally from down under. The Trump administration considered imposing tariffs on imports from Australia last week, in response to a surge of Australian aluminum flowing onto the American market over the past year. The move was halted for now, as officials at the Defense and State departments warned it would alienate a top ally and could come at significant cost to the U.S.
Amid safety concerns, Azerbaijan has canceled its contract with Boeing to purchase 10 Boeing 737-MAX planes. The fallout from the 737-MAX crashes continues as Boeing loses a $1 billion contract.
In a government policy paper released on trade issues, China signaled to the U.S. that it was willing to work out an agreement to stop the trade tensions. Trump is hopeful that his tariffs will push China back to the negotiating table.
In a letter, Mexican President Andrés Manuel López Obrador wrote that Trump’s tariffs against Mexico would not solve the issue. In the letter he expressed how his country was already doing as much as they legally could to stem the flow of migrants without violating human rights. Obrador also noted in the letter that “America First is a fallacy.”
The U.S. Chamber of Commerce and other business groups voiced strong criticism of Trump’s announcement that he would place tariffs on Mexican products if Mexico did not stop migrants from coming through. The tariffs would hurt both the American and Mexican economies and likely not improve the migrant situation.
“President Donald Trump’s approach to trade policy had set new benchmarks of incoherence and irresponsibility even before his threat to impose escalating tariffs on imports from Mexico — but this latest maneuver takes the cake. The administration plans to harm businesses north and south of the border, and to impose additional new taxes on U.S. consumers, not to remedy a real or imagined trade grievance but to force Mexico to curb migration to the U.S.”
U.S. President Donald Trump said Thursday that an additional tariff on Mexican goods would address what he claimed was a “border crisis” that resulted in America being “invaded by hundreds of thousands of people.” Trump’s threat puts the fate of the United States-Mexico-Canada Agreement, or USMCA, in serious jeopardy.
President Trump threatened on Thursday to impose new tariffs on Mexico if the country does not work harder to stop the flow of migrants to the U.S. Trump said in a White House statement that the first round of tariffs would begin on June 10 at 5% “on all goods imported from Mexico.” Trump would carry out his threat under authority from the International Emergency Economic Powers Act and will lift tariffs only “if the illegal migration crisis is alleviated through effective actions taken by Mexico.”