China cancels U.S. farm visits while Trump holds out for a "big deal"
Trade negotiators from China cancelled visits to meet farmers in Montana and Nebraska on Friday, around an hour after President Trump said he was interested in a "big deal," not “a partial deal” with China, the Washington Post reports.
The big picture: The U.S. trade war with China has reduced U.S. employment by 300,000 jobs, compared with likely employment levels absent the trade war, Moody’s Analytics estimates. The National Foundation for American Policy estimates that tariffs will cost U.S. households $2,000 each by next year.
The state of play: Trump said last week he planned to postpone the latest round of tariffs on $250 billion worth of Chinese imports until Oct. 15, "as a gesture of good will." U.S. and Chinese trade officials restarted discussions this week, planning for a high-level meeting around Oct. 10, per Bloomberg.
- The U.S. imposed a 15% tariff on $112 billion worth of Chinese goods on Sept. 1, to which China responded by resuming 25% tariffs on American cars and adding 5–10% tariffs on $75 billion worth of additional goods.
What they're saying: “We’re looking for a complete deal,” Trump said. “I’m not looking for a partial deal. We’re looking for the big deal. We’ve taken it to this level.”
- Nicole Rolf, the Montana Farm Bureau Federation’s director of national affairs, told CNBC that "there was no explanation as to why they were cutting their trip short."