Trump trade war

A real U.S.-China trade deal is a long way away

illustration of U.S. and China storage containers built as forts
Illustration Lazaro Gamio/Axios

President Trump roiled markets yesterday when he said his administration would likely keep tariffs on Chinese goods until he's certain Beijing is fully cooperating with the terms of a trade deal. That could mean years of negotiation, acrimony and tariffs, given the nature of the changes being discussed.

The big picture: A trade agreement between Trump and Chinese President Xi Jinping is just one piece of a wide-ranging confrontation between the world's top economies.

Midwest farmers fear livestock losses from flooding

 A road is covered with floodwater from the Pecatonica River
A road is covered with floodwater from the Pecatonica River in Freeport, Illinois. Photo: Scott Olson/Getty Images

During a difficult year for U.S. agriculture amid President Trump's trade war with China, record-breaking floods in the Midwest are causing farmers to lose their livestock en masse, further putting their livelihoods at risk, the New York Times reports.

Why it matters: Lessened demand due to Trump's trade policies and greater international competition in agriculture already pushed Farm Belt bankruptcies last year to the highest level in a decade. Now, the floods across the Midwest could cause a $400 million hit to the state's livestock sector as farmers in the region are cut off from their cattle herds — and the supplies necessary to care for them.

Go deeper: Farmers hit by Trump tariffs, crop prices struggling to repay loans

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