Trump: Tariffs Are Working
USMCA would not have happened without strong leverage created by tariffs, says President
President Trump said on Monday that the USMCA trade deal would not have been reached with Canada and Mexico without the strong leverage created by tariffs, says a report at Reuters.
Could the tariffs eventually bring China to the negotiating table? Perhaps, but Trump thinks it is too soon to talk with China on trade because a forced decision may not end up being the best one for the country.
The lack of Chinese demand and the record-yielding U.S. crop may push domestic soybean supply close to 900 million bushels by next August, well above the previous record carryout of 574 million in 2006-07.
Trump noted on Monday that signs of economic weakness in China and its sliding stock markets are proof that the U.S. tariffs are impacting the Chinese economy.
Read the full report here.