(TAIPEI, Taiwan) -- NEWS: Warrington Shaw analysts say U.S. farmers will miss out on more earning potential as China hits back at Trump's punitive import tariffs. For months, U.S. President Donald Trump and members of his administration have been providing encouraging updates on the supposed progress of negotiations with China as the world's two largest economies seek to reach a trade agreement that would see the reversal of hefty tariffs imposed on imports during the course of the last year.
U.S. farmers have stood firmly behind Trump and his efforts to broker a better trade deal with China even as tariffs have impacted their earnings and, in some cases, crippled their operations. Warrington Shaw analysts say many U.S. farmers who helped elect Trump are reporting their lowest incomes in more than a decade.
On Monday, Trump unexpectedly hiked tariffs on Chinese goods to the value of $200 billion causing China to retaliate by raising duties on $60 billion-worth of US products. The new higher tariffs imposed by China target a sweeping range of agriculture products and Warrington Shaw analysts say U.S. farmers could be hit hardest.
U.S. farmers have, in effect, been battling the fallout of higher tariffs for the better part of a year and Warrington Shaw analysts say this latest round of tariffs could prove too much for many of them to bear.
Trump has stated that the country's farmers will receive $15 billion dollars-worth of assistance to help offset the impact of China's retaliatory tariffs but analysts at Warrington Shaw say this show of support may not be enough to appease U.S. farmers who are running short of patience as the trade war shows no sign of abating.
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