American farmers watched this past week with a wary eye as a tit-for-tat trade fight between the world's top two economic superpowers played out and threatened lucrative agricultural exports including soybeans.
China unveiled plans Wednesday to hit major US exports worth $50 billion such as soybeans, cars and small airplanes with retaliatory tariffs in an escalating trade duel between the world's two top economies.
China has once again said that it does not favor a trade war with the United States but is prepared to counter the “malicious practices” of Washington, which has imposed hefty tariffs on particular imports from China.
Despite threats of retaliation from China over U.S. plans to impose tariffs on up to $60 billion in Chinese goods, Treasury Secretary Steve Mnuchin on Sunday said President Donald Trump had no intention of backing down and was not worried about a trade war.
Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential U.S. trade war with China, shied away from risk ahead of the weekend and sought shelter from further losses.
Europe and the IMF urged Donald Trump on Wednesday to step back from the brink of a trade war, after the resignation of his top economic adviser emboldened those encouraging him to push ahead with tariffs on imported steel and aluminum.