President Donald Trump repeated his claim on Thursday that China is suffering most in the trade conflict with the United States, saying the punitive tariffs are having a "devastating effect."

And after talks broke down earlier this month, he said his tough strategy is working.

"I think we're doing very well with China," Trump told reporters at the White House. "China would love to make a deal with us. We had a deal, they broke the deal. I think if they had it to do again they wouldn't have done what they did."

Trump this month accused Beijing of reneging on previously made commitments in the talks, which had appeared close to producing a deal, and he immediately imposed additional tariffs on $200 billion in Chinese goods.

He continues to claim erroneously that China is paying for the tariffs, creating a windfall for US government coffers. The cost is actually borne by importers and consumers.

"The tariffs are having a devastating effect on China. People are fleeing the country with their companies," Trump said. "These companies are leaving for Vietnam, other parts of Asia."

"I can tell you, China very much wants to make a deal," he said. "China is becoming a very weakened nation."

US farmers have been caught in the crossfire of the trade conflict, especially soybeans, which prompted the administration to announce a $16 billion aid program to help those hurt by Chinese retaliation.

"China made a flurry of purchases at the beginning of the year... but it has been buying very little from the US lately," Bill Nelson of Doane Advisory Services told AFP.

And he notes they have not taken delivery of crops they have ordered.

According to the latest weekly export sales report, as of May 16, there were 7 million tons of outstanding sales of soybeans, compared to 1.87 million last year at the same period.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

US official acknowledges consumers will pay some tariff costs
Washington (AFP) May 22, 2019
US Treasury Secretary Steven Mnuchin on Wednesday acknowledged that consumers may pay higher prices as a result of the steep tariffs imposed on Chinese goods. Mnuchin's remarks were at odds with the message hammered by President Donald Trump, who claims China pays for the tariffs, creating a windfall for the US government. "There may in some cases be an impact passed on to our consumers," Mnuchin said in testimony before the House Financial Services Committee. He also said he had spoken to ... read more