China Trade War Hard Deadline
After a week of conflicting statements among Trump administration advisers regarding trade with China, U.S. Trade Representative Robert Lighthizer went on CBS' "Face the Nation" and explained that U.S.-China trade negotiations need to reach a successful end by March first adding that it is a "hard deadline."
"As far as I am concerned it is a hard deadline. When I talk to the president of the United States he is not talking about going beyond March," Lighthizer said on the CBS show "Face the Nation," referring to President Donald Trump's recent decision to delay new tariffs while talks proceed. "The way this is set up is that at the end of 90 days, these tariffs will be raised."
He went on to explain that U.S.-China trade negotiations need to reach a successful end by March first or new tariffs will be imposed.
"The way this is set up is that at the end of 90 days, these tariffs will be raised,"
In Argentina recently, Trump and Chinese President Xi Jinping agreed to a truce that delayed the planned Jan. 1 U.S. hike of tariffs to 25 percent from 10 percent on $200 billion of Chinese goods while they negotiate a trade deal.
Meanwhile, the trade war effects are being felt much closer to home. This year prices for soybeans, have fallen about 10 percent since May, based on China's decision to drastically cut back on the amount it buys from the U.S.
That leads directly to the pocket-books of farmers and agriculture businesses. Farmers who couldn't break even this year will feel the pinch next year, but many are optimistic the end of the trade war is coming.