US Trade Talks With China Have Stalled

The ever-escalating US trade war with China, which rocked stock markets earlier in the week, shows no signs of letting up, with sources familiar with the administration’s efforts saying that no new talks are taking place between the US and China on the matter.

It’s not clear if any new talks are even scheduled at this point, as there have been no discussions since the Trump Administration’s unilateral move against Chinese telecom Huawei earlier this week, just the latest in a string of moves to anger Chinese officials.

Tit-for-tat sanctions threaten to devastate parts of both nations’ economies, with the Trump Administration seemingly banking on the talking point that they’re going to make China suffer worse than the Americans are.

One of the hardest hit parts of the US economy is agriculture, with President Trump planning to offer $15 billion in aid to the farmers, buying crops for humanitarian aid abroad. He previously suggested China would ultimately pay for this aid to the farmers in the form of even higher tariffs.

Some farmers were deeply critical of the move, however, saying they don’t want a handout, they want their ability to compete on the Chinese market back. The trade war has driven prices in the US so low that even with the government buying some crops to “help” farmers, they still stand to lose a bundle, particularly in corn and soybean farming.