WASHINGTON — The Latest on President Donald Trump’s trade policy (all times local):
Chinese President Xi Jinping (shee jihn-peeng) says the world faces “a choice between cooperation and confrontation” in remarks that criticized escalating U.S. tariffs on goods from China and other major trading partners.
At the annual summit of the BRICS emerging economies, held this year in Johannesburg, Xi said those who pursue “economic hegemony” will “only end up hurting themselves.”
“The current international order is not perfect,” the Chinese president said. But, Xi said, it should not be discarded “as long as it is rule-based, aims to be equitable and pursues win-win outcomes as its goals.”
He said “unilateralism and protectionism are mounting,” which he said hurts world trade.
Ohio’s Republican governor is blasting President Donald Trump’s tariffs and his plan to provide $12 billion in direct payments to farmers and ranchers hurt by foreign retaliation.
Gov. John Kasich (KAY’-sik) says Trump’s imposition of tariffs on products from such allies as Canada under national security grounds was “completely absurd,” and that now the president is resorting to “farm welfare” when U.S. farmers want trade. The frequent Trump critic and 2016 rival for the GOP presidential nomination spoke as the 12-day Ohio State Fair opened in Columbus.
The Department of Agriculture on Tuesday announced a $12 billion, three-part plan to borrow money from the U.S. Treasury to pay farmers being hurt by the trade battles with China, Mexico, Canada and the European Union.
Kasich says that will only compound tariff damage.
President Donald Trump is calling China “vicious” on trade and says it is targeting U.S. farmers specifically because “they know I love & respect” them.
Trump is also pushing back against critics of his latest plan to provide $12 billion in emergency relief for farmers, telling them to “be cool” because “the end result will be worth it!”
Farm-state Republicans say farmers want markets for their crops, not government payoffs for lost sales.
On Twitter, Trump says people “snipping at your heels during a negotiation” will only delay the process. He writes: “Negotiations are going really well, be cool. The end result will be worth it!”
He also tweeted: “China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice – until now!”
Some Republicans in farm states are dismissing the Trump administration’s plan to provide $12 billion in emergency relief in the wake of trade disputes between the U.S. and other countries, particularly China.
The GOP lawmakers say farmers want markets for their crops, not payoffs for lost sales and lower prices. Administration officials deny that the plan is a bailout.
Agriculture Secretary Sonny Perdue says the plan is meant for short-term relief while President Donald Trump and other officials work on trade deals.
The government’s action points to administration concern about damage to U.S. farmers from Trump’s trade tariffs and the potential for losing House and Senate seats in the Midwest and elsewhere.
The program is expected to start taking effect around Labor Day.