Trade War

"It's been very devastating to rural America," Gary Wertish said.

On Sunday, Trump administration officials Larry Kudlow and Peter Navarro touted economic strengths and dismissed analysts' warnings that the U.S. could be facing another recession soon.

"Consumers strongly reacted to the proposed September increase in tariffs on Chinese imports, spontaneously cited by 33 percent of all consumers in early August, barely below the recent peak of 37 percent," Richard Curtin wrote.

"I sometimes stay up at night worrying about what the future does hold. You know, what do you tell your children that want to farm? Do you tell them 'go find something else to do?'"

"The risk that exists right now in the economy––in the global economy and the U.S. economy––lies squarely, squarely on Donald Trump's reckless, drunk driving approach to economic management."

"Today we've got a United States who's at economic war with most of the rest of the world," Lawrence Summers said.

The trade official previously argued that Chinese manufacturers were decreasing prices significantly to compensate for the additional import levies.

President Donald Trump played down the impact of his tariffs on goods from China as he delayed the next hike on some consumer products until Christmas.

The additional tariff burdens will add to the 25-percent tax the Trump administration has previously imposed on $250 billion worth of Chinese goods.

"What do you call two farmers in a basement?" Agriculture Secretary Sonny Perdue said, retelling a joke he said a farmer told him.

"They've got to start being a partner. They're not a partner. So I think anything we raise in tariffs, we ought to give back to the rank and public in tax reductions so it doesn't impact American families. We've got to help American farmers open up more markets around the world," Scott said.

"While we have had seven flat to inverted yield curves, all seven have led to rate cutting cycles. But only four led to recessions," he said, referring to 10-year and 2-year U.S. Treasury bonds," Sam Stovall told Newsweek.

Chistopher Gribbs from Ohio said that soybean prices have taken a big hit due to Trump's trade war with China.

Last week, Trump threatened to slap tariffs on $300 billion more Chinese imports. China responded by halting all imports of U.S. agricultural goods.

As recently as Saturday, President Trump has defended his administration's freewheeling tariff war and once more used the false claim that China is paying the penalty to defend his position.

"If the U.S. were to implement 25% tariffs on all imports from China for 4-6 months and China were to respond with countermeasures, we believe we would see the global economy entering recession in three quarters."

"Look at this chart from the Trump Labor Department," Chris Wallace said. "The yellow line shows that the consumer price of tariffed goods has risen dramatically since the president started imposing them."

This week, the president announced yet another round of tariffs on Chinese imports.

"What's really different about this next round of President Trump's tariffs is that they mostly hit goods bought by American consumers," Chad Bown, a trade policy expert at the Peterson Institute for International Economics, told Newsweek.

Gary Cohn, who was U.S. President Donald Trump's top economics guru, said the trade war is not hitting China's economy.

Federal prosecutors revealed a previously sealed indictment against a Chinese aluminum magnate which contained allegations of global money laundering.

Trump declared that his trade war was undermining Chinese economic growth, and threatened more pain for Beijing after 2020.

"This is not a long term solution."

China announced this week that its quarterly economic growth had dipped to the lowest level since 1992.

Trump's 2018 tariffs on foreign steel and aluminum affected $761 million of American steel imports from India and $382 million of aluminum imports.

The founders weren't exactly free traders.

Trump is headed to the G20 Summit in Japan next week, during which he plans to meet with China's Xi Jinping to discuss trade tensions face-to-face.

Instead of trying to get China to change, we must lessen the dominance of big American corporations over policy.

Representatives noted a point that the Trump administration has sought to deny: that the cost of tariffs will be passed on to businesses and consumers.

"How much does the case for easing rest on worries about the economy that reflect the trade war? I think the short answer is a lot," David Wessel told Newsweek.