Trump says tariffs battle will help United States farmers

Consumers are already seeing price hikes from the last round of Trump’s tariffs

Beijing and Washington have negotiated for months on a trade deal but ended talks in the US capital Friday without reaching a deal.

President Trump on Tuesday said that a deal with China will happen "when the time is right", and only after the U.S.is allowed to "make up" ground he says was lost after the formation of the World Trade Organization.

Trump also denied talks with China had broken down after Washington punctuated two days of negotiations last week with another round of tariffs on Chinese imports, with Beijing following suit on Monday with higher tariffs on U.S. goods.

With the trade war continuing and a deal nowhere in sight, next month's meeting between Trump and Chinese President Xi Jinping at the G20 summit in Osaka will likely be a contentious one. Despite the standoff, Trump characterized their personal relationship as strong.

Shares in Europe and NY rebounded yesterday as President Trump struck a more optimistic tone about the prospect of a trade deal between the United States and China. The MSCI index gained 0.49% on Tuesday.

The Dow Jones industrial average rose by 207.06 points, or 0.8 per cent, to 25,532.05 as the S&P 500 gained 22.54 points, or 0.8 per cent, to 2,834.41 and the technology-focused Nasdaq climbed 87.47 points, or 1.1 per cent, to 7,734.49.

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"It's a nice bounce-back certainly after yesterday for sure", said Gary Bradshaw, portfolio manager of Hodges Capital Management in Dallas.

Larry Kudlow, Donald Trump's chief economic adviser, understands that tariffs on Chinese imports are a tax paid by American companies and consumers-a point his boss refuses to acknowledge. "I think it's going to turn out extremely well. If someone attacks us on our doorstep, we will take them on and fight to the finish", China's foreign ministry spokesman Geng Shuang said.

"The US move damaged the interests of the two sides and did not meet universal expectation of the global community", the statement said.

Democratic Sen. Chris Van Hollen of Maryland said, "There's no doubt that we need to challenge China to change a lot of its trade practices and its domestic business practices".

"My hope is that we can continue to keep pressure on China to come up with an agreement that makes sense", said Portman.

Soybeans, which was the most valuable USA export crop, bounced off a decade low on Tuesday as the market's focus shifted to weather-related planting delays that could reduce the crop size.

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