Trade

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U.S. and Japanese negotiators have reached an “agreement in principle” on a trade deal that would lower Japan’s tariffs on U.S. agricultural commodities and spare Japan from threatened U.S. industrial tariffs, sources — confirming reports out of Japan — tell Agri-Pulse.

The U.S.-China trade war escalated again for the second time Friday after President Donald Trump declared the U.S. would increase rates for existing tariffs on $250 billion of Chinese goods as well as boost tariffs on $300 billion worth of imports that haven’t yet been levied.

The Agriculture Department sharply increased commodity payment rates for its 2019 trade assistance package, boosting the corn rate by 14-fold and quadrupling cotton’s, based on higher estimates of the trade damage that farmers have suffered.

China announced Friday it will increase tariffs on $75 billion worth of U.S. agricultural and other goods by 5-10% in retaliation for U.S. plans to hit about $300 billion worth of Chinese exports with new import taxes.

China on Thursday issued a stern new warning that it will be forced to retaliate if the U.S. follows through on a threat to levy new import tariffs, beginning Sept. 1.

China is threatening to retaliate against the latest U.S. tariffs President Donald Trump threatened, according to a release from Xinhua News, a government-run media outlet.

Top U.S. and Chinese trade officials met over the phone Tuesday to try to further negotiations to end the countries’ trade war, said to President Donald Trump, who said the negotiations were “productive” and offered optimism that a conclusion could come soon.

Minnesota Sen. Amy Klobuchar has a message for her fellow Democratic candidates trying to crack President Donald Trump's hold on rural voters: They need more than “a bunch of policies on a piece of paper."