US President Blamed China For Targeting American Farmers In Trade Conflict

Forex News

US President Donald Trump lashed out at China over the latest escalation in the trade spat between the world's two largest economies. Trump stated that China was specifically targeting US farmers with retaliatory tariffs. His defense came after his administration announced a plan to provide $12 billion in emergency relief for farmers who have been slammed by the president’s trade disputes with China and other countries.

The Trump administration imposed a 25% tariff on about $34 billion worth of Chinese goods earlier this month, and has another $16 billion pending. Beijing retaliated with tariffs of its own on $34 billion worth of American goods, including soybeans. Trump has threatened to place tariffs on all $505 billion worth of Chinese goods imported by the US. China is the largest buyer of US soybeans.