Posted on 10/11/2019 3:56:42 PM PDT by Aquamarine
President Donald Trump on Friday hailed a breakthrough in his drawn-out trade war with China, saying the two sides reached an initial deal that included a surge in purchase of American farm products.
With the agreement -- which also covers intellectual property, financial services and currencies -- the White House will hold off on a massive tariff increase planned for next week, and as negotiations progress new tariffs planned for December also could be called off, US officials said.
The interim bargain could allow both economic powers to claim success, while averting damaging escalation in the trade war and leaving the thorniest issues for later.
Trump hailed China's pledged to rapidly ramp up purchases of American farm products, to a stunning figure of $40-50 billion. That would be a stunning feat, more than doubling from the prior level of less than $20 billion in 2017.
Total US agriculture exports were $140 billion in 2018, so that increase would mean a third would go to China.
"So I suggest the farmers go immediately buy more land and get bigger tractors," Trump told reporters at the White House.
"There was a lot of friction with China. Now it's a love fest," he said at the end of his meeting with Beijing's lead trade envoy, Vice Premier Liu He.
(Excerpt) Read more at ibtimes.com ...
Do you want war with China?
How is not real free trade good for the US, we out work anybody - including chinese slaves?
Take a victory, thats the way I see it. This is great news this is on president Trump terms.
Go president Trump Go!
So true!
What a bunch of whining freepers
Go trump
Considering the dominance of shoot-from-the-hip posts on this thread, let me add one more.
I don’t know beans about this deal, but if selling soybeans to the egregious Chicoms helps get Trump reelected I’m all for it.
Sometimes, the best you can hope for is to kick the can down the road.
And I’ll bet that Xi and his minions are going to be hacked off when they have to deal with DJT for four more years.
It does seem to me that any deal with China isn’t worth the rice paper it’s printed on. I don’t know whether this is peculiar to the Chicom leadership or characteristic of the culture as a whole.
I’ve been doing some reading about Chinese history lately, and I have to admit that the more I read, the less I respect that culture.
To the Chinese it’s ok to break any rule as long as you don’t get caught.
Dow up 320 today on anticipation, so some of that has already been priced in.
Is that how the ChiComs are able to ship Amazon items for a penny?
>> the dominance of shoot-from-the-hip posts,
You are the master of understatement.
Yes we are, we are indeed.
You read the agreement already? How is it this agreement only helps big ag without helping small and medium sized ag? Is that somewhere in the fine print?
Have “Tractor Monkey” subsidies always been a concern of yours or only now? Either way, you’re conflating two separate issues. More orders for John Deere means more manufacturing jobs for Americans. More purchases of agricultural products from our farmers and ranchers is somehow a bad thing? You might want to tell them that. I don’t think they agree with you.
You make me blush, FRiend Jeff.
Seriously, I wrote professionally for 25 years. Now that I’m retired, FR helps me keep my writing chops somewhat tuned.
The downside is that, as I insist on turning in clean copy, I’m often one of the last getting involved in one of these fast-moving discussions.
too late for one day pop-they already popped up today-prior to official announcment ans white house put out word at 6:00 am
I know the Chinese suck but I say thank God because without a deal and some relief from these tarriffs (which American Companies pay) the economy slows and Trump loses-
Trump can pick it up again if he wins reelection
You need to vote Hillary or Warren you whiney ingrate.
Please explain what part of any trade deal would address our loss of mfg jobs?
Trump has seen, in this freeze on tariffs, the only thing China has”won” is a delay on tariffs being increased.
Manufacturing has and continues to move OUT of China because of tariffs. It is not moving back here and won’t as long as it costs more overall to mfg here.
Money goes where money grows and it always will.
This is driving the left nuts. So MUCH winning!
China is casting its hat with Trump and not waiting to see the 2020 election results.
China thinks President Trump will be re-elected. I agree.
I’d be surprised if smart investors actually expect China to follow through on the greater purchases, but some sectors should rise on the caving of tariffs for a year.
Yes we are, we are indeed.
....
Then why not run and show Trump how it’s done? Pfft!
You sound like a NeverTrumper.
If I was the president, I would place a strict limit on max annual trade deficit with China or any other country for that matter. If the deficit exceeds that level, then automatic tariffs get activated. Higher the deficit, higher the tariffs.
Since Trump imposed tariffs on manufactured items imported from China, it has had the obvious effect of making those products less competitive to make in China, and that is why some manufacturing is moving out of China.
Not having read the details of this current deal I can not posit a relevant opinion. All I know at this point is what I heard on news that China has agreed to buy $40-50 Billion worth of agricultural products. That is a small fraction of out current annual deficit.
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