Newhouse: “A Lot On The Line” With China

While no progress has been officially announced, many in the Ag community are hopefully that the U.S. and China will announce a new trade deal next month when the leaders of the two countries meet, if not sooner.  Many became discouraged earlier this month with the U.S. increased tariffs against China, and in response, China increased it’s retaliatory tariffs, hitting American Ag very hard.  Representative Dan Newhouse said while trade talks continue, at a slow pace, both sides are working on positive conclusion.

“I continue to encourage the trade representatives who I’m in contact with on a regular basis to work as hard as they can to get this done as quickly as possible.  There’s a lot on the line as we know for our producers in the state of Washington.”

Newhouse added he supports President Trump’s efforts to hold China responsible.

“People generally want China to come to the table and provide a level playing field so that we can compete in a successful way and that is what the President is trying to accomplish as well.”

While the trade war is impacting the farm economy, how is it impacting the overall U.S. economy?

Despite all the recent trade-induced turmoil, the S&P 500 is off by roughly 3% since the record high close on April 30.  Meanwhile, Chinese stocks in the Shanghai Stock Exchange Composite Index have lost about 10% in 2019.

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com