China is hoping to reach a trade agreement with the U.S. as soon as possible. On Monday, China’s assistant commerce minister said Beijing is pushing to finalize the ‘phase one’ trade deal by the end of the week. This comes as China’s economy has reportedly dropped to a 30 year low amid the U.S.’s heavy tariffs against the country. One America’s Kristian Rouz has more on how President Trump’s tariffs are hurting China’s economy and increasing the likelihood of a fair trade deal for the U.S.
President Trump is reimposing steel and aluminum tariffs on Brazil and Argentina. In a series of tweets Monday, the president pointed out that both countries have been “presiding over a massive devaluation of their currencies.” He then announced the restoration of tariffs on all steel and aluminum shipped into the U.S. from Argentina and Brazil.
A Chinese man is facing charges in the U.S. after allegedly stealing trade secrets while working for Monsanto. A statement from the Justice Department Thursday said the 42-year-old employee was charged in Saint Louis, Missouri after he was stopped by airport federal agents. The man was reportedly headed back to China while carrying “proprietary farming software.”
Sen. Marco Rubio is calling for a free and balanced trading relationship with China. In an interview Thursday, the Florida Republican said the president’s tariffs against Beijing are not undermining free trade because the U.S. has never had free trade with China. As the Trump administration continues to negotiate a ‘phase one’ trade deal with Beijing, Rubio said fixing the trading relationship is not just a “one-time issue.”
A key member of the Federal Open Market Committee said “it will take some time” to see the impact of the bank’s latest interest rate cuts on the U.S economy. In an interview Wednesday, Federal Reserve Governor Lael Brainard said she wants “to monitor and assess how the economy is reacting” to those moves before making any decisions on future monetary policy.