New China Tariffs Fatled to Demand American & Chinese Sacrifice as Trade War Heightens
Investors concerned about the escalating trade war with China are hoping for some calm on Wall Street Tuesday. The Dow Jones Industrials plunged more than 600 points Monday, the worst in more than four months. It followed China's decision to raise tariffs on $60 billion in U.S. goods. Ben Tracy reports.
"There will be some sacrifice on the part of Americans; I grant you that. But I also would say that that sacrifice is pretty minimal compared to the sacrifices that our soldiers make overseas, that our fallen heroes who are laid to rest at Arlington make," he said. Also adding “Arkansas farmers know that tougher trade policies are necessary.”
"When I'm home in Arkansas, I hear from farmers who are worried about opening up new markets and getting their products to market. But they also understand that China is a serious competitor in the United States and wants to displace us around the world. And they look at the sacrifices that soldiers, sailors, airmen and Marines make around the world. They're willing to bear some of those sacrifices in the short term that, hopefully in the long term, ensure our long-term prosperity and security," the senator said.
The Dow plunged after China said it will raise tariffs in retaliation to last week's tariff increase by the United States. China hiked tariffs on $60 billion of imports from the United States. It first imposed the tariffs last year. Worries over the escalation of the trade spat with China just aren't going away.
Some farmers in the U.S. say the disruption of normal trade with China has forced many of them to go bankrupt. Dean Reynolds spoke to a sixth-generation corn and soybean farmer in Princeton, Illinois, who says he wants business - not a bailout.
US President Donald Trump with China's President Xi Jinping amid their respective gathering, on Saturday, in Buenos Aires, Argentina.
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