US markets remain volatile one day after suffering their deepest plunge of the year, the drop came amid unwelcome news from China including a devaluation of its currency, the yuan.
Tuesday, White House economic adviser Larry Kudlow told reporters that President Trump still wants a trade deal with China.
The president’s view has always been that we have negotiated in good faith, we want to continue to negotiate in good faith with the Chinese, disappointment about the lack of egg purchases.
He’s here to protect America’s economy. He’s here to defend America’s economy.
Earlier, China’s Commerce Ministry announced domestic companies have stopped buying US agricultural products.
The move came in response to the Trump administration’s announcement last week of new American tariffs on 300-billion-dollars worth of Chinese goods.
It’s a tough year for agriculture in the United States.
I think the effect of prolonged Chinese tariffs on US agricultural exports and the I think beyond the tariffs, the signal that the Chinese government is giving the domestic buyers that they should look elsewhere.
The White House created a 16-billion-dollar aid package for farmers hurt by the US-China trade war.
The president announced on Twitter he would commit even more taxpayer dollars to help farmers next year if necessary.
Monday, the US Treasury labeled China a currency manipulator and threatened to involve the International Monetary Fund.
The week’s events have been a tangible escalation of the US-China trade conflict but they haven’t really been a surprise.
Both the Chinese and US governments had set themselves up in recent months for further stalemate or even escalation of this conflict.
Both governments seem to be waiting for the other to make concessions.
Aside from weighing on financial markets, the US-China trade war is harming economic growth prospects in the world’s two largest economies and many other nations around the globe.
A delegation from Beijing is scheduled to meet with US policymakers next month.
Arash Arabasadi, VOA News, Washington.
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