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The Times view on China-US relations: Bad Trade

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The items include a range of common consumer goods, including iPhones, TVs, clothes and toys. It adds, "The proposed product list excludes pharmaceuticals, certain pharmaceutical inputs, select medical goods, rare earth materials, and critical minerals".

US equities hit record highs just two weeks ago on hopes of a trade deal and a positive first-quarter earnings season.

The slightly more optimistic comments came after both sides ramped up their trade war, with China announcing details of new tariffs against USA imports on Monday, following a US move last week to target Chinese imports.

On Monday, the Dow Jones Industrial Average fell 2.4 percent and the tech-heavy Nasdaq lost 3.4 percent for its biggest drop of the year.

China apparently didn't think Trump would do so.

The release followed Beijing's announcement Monday of tariffs of up to 25% on $60 billion of American imports in their spiraling dispute over Chinese technology ambitions and other irritants. They point out, correctly, that American importers directly pay the tariffs.

Finished electronics have avoided the Trump administration's tariffs on goods imported from China, but soon that may not be the case. As the trade war between the two superpower nations has intensified, what actually are the new tariffs?

Beijing's retaliation will infuriate the US President, who had warned his Chinese counterpart against raising tariffs. Inflation has been running well below the Fed's 2 percent target this year.

President Donald Trump vowed Tuesday to help hard-hit American farmers caught in the middle of the escalating trade war between Washington and Beijing.

"We had a deal that was very close and then they broke it", he said.

While in the past, jewelry products have, with few exceptions, not been subject to tariffs in President Trump's rapidly escalating trade war with China, that may change.

But when asked whether China was making preparations for a possible Xi-Trump meeting, Geng said: "I have no information at present about the specific question raised". The sell-off accelerated on Monday after China announced plans for retaliatory tariffs. The ongoing dispute has sparked concern among soybean farmers: Before the tariff war began, China was buying some $14 billion in US -produced soybeans every year - almost a third of the American crop. "We'll see what they come up with". "And I've been calling and calling USDA".

"You lose that many jobs and you're probably going to cut the growth of the GDP by at least a half percent", he says. "But the hopes for that are a bit misplaced now", he said. And he's cautiously optimistic about starting to grow hemp. "The Farmers have been "forgotten" for many years". Like right now, I'm getting ready to sell my winter wheat, which is coming for harvest next month.

While agricultural commodities across the board have been hit hard by the standoff between Washington and Beijing, one of the hardest-hit crops is soybeans, which fell to record low prices on Monday amid a massive supply glut and stalled Asian purchases. And that simply hasn't happened.

American farmers are likely to feel the pain first.

The Trump administration has maintained tariffs are an important tool to correct unfair trading practices with China. The Trump administration has imposed tariffs on Chinese goods before, and in each case, China was quick to impose tariffs on US products.