Trump defends China tariffs and claims 'great patriot farmers' will reap benefits

Responding to fears that a trade war with China could hurt American farmers, Trump said that they would in fact be "the biggest beneficiaries of what is happening now". "Americans understand the need to hold China accountable, but they also need to know that the administration understands the economic pain they would feel in a prolonged trade war", Grassley said in a statement.

"My respect and friendship with President Xi is unlimited but, as I have told him many times before, this must be a great deal for the United States or it just doesn't make any sense".

Trump, who has railed against what he describes as China's unfair trade practices and threatened to impose punitive levies on all its imports, softened his tone in a series of remarks expressing optimism about reaching a trade deal with Beijing.

Chinese Foreign Ministry spokesman Geng Shuang also said it was his understanding that China and the United States had agreed to continue "pursuing relevant discussions", cited by Reuters.

China had announced on Monday that is latest tariffs against USA goods will come into effect from June 1 even as President Trump in a tweet had cautioned President Xi's government not to retaliate.

"The US move damaged the interests of the two sides and did not meet universal expectation of the worldwide community", the statement said. The rates of additional tariffs on some of the products will now be increased to 25%, 20%, and 10%.

Soybeans, which was the most valuable U.S. export crop, bounced off a decade low on Tuesday as the market's focus shifted to weather-related planting delays that could reduce the crop size.

On Friday, Trump had issued orders for the tariff increase, asserting that China "broke the deal" by reneging on earlier commitments made during negotiations. "Hopefully China will do us the honor of continuing to buy our great farm product, the best, but if not your Country will be making up the difference based on a very high China buy". The farmers have been "forgotten" for many years.

"China does not want to fight the trade war but it is not afraid to fight it".

"You only have to look at our trade deficit to see that we are being taken to the cleaners by our trading partners", Trump wrote two decades ago in The America We Deserve, arguing that peaceful economic exchange is "like war".



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