trade | KERA News

trade

The Department of Agriculture will pay $4.7 billion to farmers growing soybeans, cotton and other products hit by tariffs in the Trump administration's hard-line trade war with China, announcing the first batch of payments from a $12 billion government aid package.

Starting next Tuesday, the agency will take applications from farmers who produce corn, cotton, dairy, hogs, sorghum, soybeans and wheat — products that were targeted in China's retaliatory tariffs, after the U.S. imposed a 25 percent levy on $34 billion worth of Chinese imports.

Updated at 11:15 a.m. ET

Newly enacted U.S. tariffs on aluminum and steel imports have sparked a sharp reaction from around the globe, with several nations warning of an all-out trade war.

President Trump on Thursday made good on a promise to impose a 25 percent tariff on imported steel and a 10 percent tariff on aluminum imports. The levies are to go into effect in 15 days.

Updated at 4 p.m. ET

When President Trump pulled the U.S. from the Trans-Pacific Partnership, spurning the massive free trade agreement in one of his first acts in the Oval Office, most analysts figured the deal was dead.

Updated at 4:47 p.m. ET

President Trump ordered steep tariffs on imported steel and aluminum from every country except Canada and Mexico. It's the boldest move to date for the president who campaigned on a protectionist platform that is sharply at odds with Republicans' free trade orthodoxy.

Updated at 10:10 a.m. ET

With news from the special counsel's probe into Russian interference in the presidential election still swirling in Washington, President Trump is leaving Friday on his longest foreign trip to date.

The Asian odyssey will take him to five countries and two international summits. Trade issues and North Korea's nuclear threat are likely to dominate the discussions. Here's a quick primer on what to watch for at each stop:

Japan

From Texas Standard:

President Donald Trump has called the North American Free Trade Agreement "the worst trade deal in the history of the world." But a group of Texas business leaders begs to differ. In a step toward preserving what works about NAFTA, the Texas Association of Business and Texas Business Leadership Council have formed the Texas-Mexico Trade Coalition.

The mayors of two North Texas cities are siding with Canadian officials over the potentially negative impact a “Buy American” iron and steel measure could have on Texas-Canada trade relations.