Trump says tariffs battle will help USA farmers

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Larry Kudlow, Donald Trump's chief economic adviser, understands that tariffs on Chinese imports are a tax paid by American companies and consumers-a point his boss refuses to acknowledge.

Trump predicted tariffs will make manufacturers leave China, and said the United States will use some of its tariff revenue to subsidize American farmers whose exports might suffer in the dispute.

Trump tweeted Monday after the countries failed to reach a deal in recent talks.

"We're having a little squabble with China because we've been treated very unfairly for many many decades ... it should have been handled a long time ago, and it wasn't and we'll handle it now", Trump said, referring to past presidents.

Trump also denied talks with China had broken down after Washington punctuated two days of negotiations last week with another round of tariffs on Chinese imports, with Beijing following suit on Monday with higher tariffs on USA goods.

Portman also said he believes it's unlikely that an agreement will be reached until Trump sits down with China's President Xi Jinping at the upcoming G20 meeting.

That was before Trump raised the rate on $200 billion in Chinese products from 10 percent to 25 percent. "It will always continue", the US President said, describing the negotiations as "very good" while touting his "extraordinary" relationship with Xi.

"As for how they are pursued, I think that hinges upon further consultations between the two sides", Geng said.

Trump tweeted China "had a great deal, nearly completed, & you backed out!"

Trump has threatened to extend tariffs to an additional $300 billion in Chinese exports that have not been targeted yet, but told reporters Monday: "I have not made that decision yet". He did not provide details on the plan, which follows US$12 billion in similar farm aid a year ago.

Global Times' stance was echoed by China's state-owned broadcaster CCTV, which declared "China will strengthen its confidence.and fight for a new world".

The U.S. Trade Representative's Office said that there will be a public hearing on June 17 to discuss its new list of 3,805 product categories that, if approved, could be affected by tariffs as high as 25%.

But both sides have expressed willingness to come together and make a trade deal to cool the escalating trade war between the two superpowers.

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