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Tariffs

China is slicing tariffs on $75 billion worth of U.S. products, Chinese government news agencies report. The move is in reciprocation for the Trump administration's plan, announced last month, to halve tariffs on about $112 billion in Chinese goods.

The tariff cuts, both slated to take effect on Feb. 14, are the latest sign that the trade war between the world's largest economies is easing.

SHUTTERSTOCK.COM

Democratic U.S. Senator Sherrod Brown of Ohio is blasting the White House's trade deal with China, calling it "much ado about nothing."

Updated at 2:07 p.m. ET

A year and a half after launching his trade war against China, President Trump signed a partial truce on Wednesday.

"We mark more than just an agreement. We mark a sea change in international trade," Trump said during a White House signing ceremony. "At long last, Americans have a government that puts them first."

Updated at 9:58 a.m. ET

The tariff war has caused a lot of anxiety for business owners and farmers. But how much has it hurt the overall economy?

The stock market got off to a rocky start this week when President Trump launched a new round of tariff threats. But administration loyalists insist concern about the trade war is overblown.

West Chester-based steelmaker AK Steel is being purchased by Cleveland-Cliffs, North America's largest producer of iron ore pellets. 

Updated at 10:27 a.m. ET

The Misco speaker company in St. Paul, Minn., is celebrating its 70th anniversary this year. But the company's future is uncertain — a result of the trade war between the U.S. and China.

Dan Digre's dad started Misco after serving in World War II.

"He was a B-17 radio operator and came back to the United States and married a woman with a bad radio," Digre says. "Turned out the radio wasn't bad but the speaker was bad, so he started his own speaker repair business."

Updated at 5:18 p.m. ET

President Trump on Friday announced higher tariffs on goods from China, hours after Beijing said it will slap tariffs on $75 billion of autos and other U.S. goods. Earlier in the day, he "ordered" U.S. companies to stop doing business with China though it was unclear whether he had the power to do that.

toledoblade.com

U.S. Department of Agriculture data shows Ohio has the highest rate of acreage on which insured farmers were prevented from planting because of poor spring weather. 

Updated at 4:10 p.m. ET

The Trump administration is postponing some of its new tariffs on Chinese imports — a significant retreat in the trade war that has rattled financial markets on both sides of the Pacific.

Updated at 5:06 p.m. ET

President Trump announced Thursday that the United States will impose a new 10% tariff on $300 billion worth of products imported from China, saying Beijing had broken some of the promises it made in trade negotiations.

The new tariffs, which are set to take effect Sept. 1, represent another ratcheting up in trade tensions between the countries and sent stocks falling sharply.

Updated at 10:59 a.m. ET

U.S. economic growth fell to a 2.1% annual rate in the second quarter — down from a 3.1% pace in the first three months of 2019, the Commerce Department said. But growth came in slightly stronger than many analysts had expected.

If you're caught in a trade war, it's good to be a farmer.

Lots of American companies have lost sales since the Trump administration and China embarked on the current cycle of tariff-raising and retaliation. Few, if any, have been compensated as handsomely as farmers.

The U.S. and China have agreed to restart trade talks, and the Trump administration will hold off for now adding new and costly tariffs on some $300 billion in Chinese imports.

President Trump announced the trade truce after an 80-minute meeting with Chinese President Xi Jinping on the sidelines of the Group of 20 summit in Osaka, Japan.

"Basically we agreed today that we're going to continue the negotiation," Trump told reporters Saturday. "We're going to work with China on where we left off to see if we can make a deal."

President Trump has threatened to impose tariffs on goods imported from Mexico, starting next week, if Mexico doesn't take action to reduce the flood of Central American migrants across the Southern border of the U.S.

The proposed tariffs — which would start at 5% on goods crossing the border and could ramp up to 25% over time — would play havoc with supply chains in the auto industry.

To understand why, consider a vehicle's wiring harness — the car's nervous system, consisting of a complex network of wires that connect electronic components throughout the car body.

Updated at 6:15 p.m. ET

The Trump administration will provide $16 billion in aid to help keep farmers afloat as they reel from the yearlong trade war between the U.S. and China, the latest sign that the world's two largest economies are still far from striking a long-term trade agreement.

The bulk of the support, or about $14.5 billion, is direct aid to farmers, which producers will start to see some time this summer, Agriculture Secretary Sonny Perdue told reporters in a briefing on Thursday.

Updated at 11:34 a.m. ET

The Trump administration will delay tariffs on cars and auto parts imports for six months while it negotiates trade deals with Japan and the European Union, the White House announced Friday.

Associated Press

Republican U.S. Senator Rob Portman of Ohio says he's concerned about rising trade tensions with China. 

The Trump administration is preparing a new list of $300 billion worth of Chinese imports that would be hit with tariffs of up to 25%, after China retaliated Monday in the trade war between the world's two largest economies.

President Trump escalated the trade fight with China this week, saying he will steeply increase tariffs on Chinese products this Friday.

But while the White House projects a unified front in favor of wielding tariffs as a weapon against China, it wasn't always this way.

Early in Trump's presidency, close advisers fought bitterly over whether tariffs would help — or devastate — the U.S. economy, those advisers told NPR and the PBS show Frontline.

President Trump will hold off raising tariffs on hundreds of billions of dollars in Chinese imports, after what he called "very productive" trade talks in Washington this weekend.

Tariffs had been scheduled to jump from 10 to 25 percent next Saturday. But Trump agreed to postpone that increase in hopes of negotiating a more comprehensive trade agreement.

When U.S. Trade Representative Robert Lighthizer was growing up in Ashtabula, Ohio, in the 1950s, it was a thriving factory town with a busy port where freighters brought iron ore to be used in the steel mills of Pennsylvania.

Today, many of the biggest factories have long since left the region for low-wage places — taking a lot of jobs with them — and the port ships a fraction of the freight it once did.

Updated at 11:01 a.m. ET

Hours after President Trump announced tariffs on $200 billion in Chinese goods, China responded with its own levies on $60 billion worth of U.S. products.

Chinese state television on Tuesday reported that the government has decided to impose tariffs of 5 percent to 10 percent on $60 billion worth of U.S. products, starting on Monday. The tariffs will apply to 5,207 items.

Updated at 6:43 p.m. ET

President Trump announced Monday that he is ordering 10 percent tariffs on $200 billion worth of imports from China.

Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against U.S. farmers or other industries.

It's the latest round of an escalating trade dispute between the two countries.

Chris Johnson knows all too well how a promising crop can suddenly be ruined — by poor weather, an economic downturn or bad luck.

This year, he and other soybean farmers in North Dakota are contending with something less common but potentially just as destructive: a trade war between the United States and China that has already driven down the price of soybeans sharply.

"Oh, it's a devastating loss. Soybeans are my largest acreage crop," says Johnson, who farms 3,300 acres in Great Bend, in the southern part of the state.

Last month, after the U.S. leveled tariffs on $34 billion of Chinese imports and after China retaliated in kind, Beijing described the escalating trans-Pacific antagonism as "the largest trade war in economic history."

Now, both nations have upped the ante once again.

President Trump threatened to impose tariffs on every product imported from China, dialing up the pressure in the growing trade dispute between the world's two economic superpowers.

In an interview with CNBC broadcast this morning, Trump said, "We're down a tremendous amount," referring to the trade imbalance between the U.S. and China. "I'm ready to go to 500."

cleveland.com

Republican U.S. Senator Rob Portman of Ohio says he's concerned about the impact President Trump's tariff battles will have on Ohio's economy. 

Updated at 8:15 a.m. ET

As the day dawned across the U.S. on Friday, a new economic reality dawned with it: The tariffs long threatened against billions of dollars in Chinese goods took effect just at midnight ET while many Americans were sleeping — but Beijing was ready immediately with a wake-up call of its own.

Updated at 3:57 a.m. ET Saturday

President Trump is enacting a 25 percent tariff on $50 billion of Chinese goods "that contain industrially significant technologies," after months of exchanging threats amid concerns over a potential trade war.

U.S. Customs and Border Protection will begin to collect tariffs on the first $34 billion worth of Chinese imports on July 6. A second set of imports subject to tariffs is still under review.

cbsnews.com

Republican Ohio Governor John Kasich is pushing GOP Congressional leadership to stand up to President Trump on tariffs and immigration.

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