U.S.-China Trade War Rhetoric Heats Up Again
American tariffs on Chinese goods increased from 10 to 25 percent as of today after a lack of progress in recent trade talks between the two countries spurred President Donald J. Trump to implement the increase.
First mentioned earlier this week, talk of an increase spurred last-minute, high-level negotiations between the two countries. China was expected to implement increased tariffs, as well, if negotiations between the world’s two largest economies were unsuccessful. Chinese delegates have been in Washington, D.C., this week in an effort to resolve the on-going conflict. But as of today, it appears no deal has been reached.
American sheep producers are especially concerned with increased tariffs on American goods going to China – the No. 1 customer of American wool and sheepskins for many years.
“We continue to monitor this situation,” said ASI President Benny Cox. “It comes at a time when many wool producers and warehouses have taken a wait-and-see approach with Chinese buyers. America’s sheep producers would certainly like to be able to sell their wool for top dollar, but that won’t be possible if tariffs are added into the equation.”