While Republican lawmakers are demanding retribution on China, economists warn that the US economy can’t afford to boycott Beijing. American farmers are hoping that the phase one trade deal can survive the war of words.
on Friday cited unnamed sources saying China would increase purchases of farm products such as soybeans, corn and ethanol after a little-publicized meeting in Hawaii between Secretary of State Mike Pompeo and Chinese officials — news that, if true, would boost agricultural commodity markets that have been whipsawed by the on-again, off-again nature of Chinese purchase promises.
Bardole blamed rhetoric out of Beijing for driving down soybean prices, and said the industry initially hoped Trump’s tough talk on China would elicit change. The stress soybean farmers are under — and the ambivalence they feel about a president who promised to go to bat for them, but has continued to attack the very deal he championed — is a microcosm of the disruptive impact of the trade war.
While American political and commercial interests might be unhappy with Beijing, most acknowledge the reality that the U.S. needs Chinese demand to help it dig out from a deep economic hole. “About 2.4 million Americans work in jobs that are associated with trade or investment with China,” said Craig Allen, president of the U.S.-China Business Council.
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