Billionaire Koch Brothers Launch Million Dollar Campaign Against Trump's Popular Tariffs

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U.S. Senator Mark Warner, a Democrat from Virginia, called the new tariffs a "gut punch" to farmers in his state, who he said exported more than $68 million in pork to Mexico previous year.

Mexico - a net importer of USA steel - is also putting 25% duties on a range of American steel products.

'Farmers have not been doing well for 15 years. "There will be enormous pressures on Canada and Mexico not to talk to President Trump". "Only President Trump has said he believes he can win one".

In Iowa, the top pork-producing state in the USA, with Mexico as its largest market, Republican Congressman Rod Blum is seen as vulnerable.

"China behaves logically, because the U.S. trade deficit is the result of the inefficient American economy", the Russian academic opined. The threat of a global trade war is "no longer a tail risk", he added.

Trump won the presidency with the help of farm-heavy states like Pennsylvania, Wisconsin, Ohio, and Indiana.

Last November, the brothers helped fund Meredith Corporation's deal to buy United States magazine publisher Time Inc, which owns of some of the world's most famous magazine brands, sparking concerns that they would use their investment to wield editorial influence.

The EU, Canada and Mexico were granted exemptions when Trump imposed the tariffs in March, saying a reliance on imported metals threatened national security.

With a trade war brewing after Trump's proposed tariffs on products from China and duties on steel and aluminum imports, the Koch network also released a list of trade principles and policy recommendations that its campaign will seek to advance. Similarly, following through with threatened tariffs on $50 billion in imports from China would lift annual USA inflation by about a tenth of a percentage point, and slow economic growth by about the same amount, according to recent estimates by Oxford Economics.

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"China does not demonstrate cowardice, but at the same time does not exert pressure on the U.S. amid trade frictions", Bian pointed out, stressing that Beijing has "a whole set of adequate countermeasures" to respond to Washington's tariff war.

'If the United States introduces trade sanctions including tariffs, all the economic and trade achievements negotiated by the two parties will be void, ' said a statement on Sunday from the Chinese government, which was carried by the official Xinhua News Agency.

U.S. commerce secretary Wilbur Ross and Chinese vice premier Liu He held talks in Beijing over the weekend, but failed to deliver a joint statement at the end of the meeting.

Ross and Lighthizer defend the use of "unilateral" trade actions under Section 232 in this case, and under Section 301 of the 1974 Act against China on intellectual property complaints, as a more urgent method of addressing violations than under the slow WTO dispute system.

He has echoed the administration's position that America has gotten the short end of the stick from China.

The focus of the trade talks on reducing the deficit with deals to sell China more natural gas and agriculture products, as indicated in the White House statement, confirmed that the administration has stepped back from trying to get China to make big changes to its industrial policy.

With the start date looming for US tariffs on Chinese goods, the latest round of U.S.

The groups said they would advocate that Trump reduce or eliminate trade barriers by modernizing the North American Free Trade Agreement (NAFTA) and returning to the negotiating table on the Trans Pacific Partnership (TPP). A cycle of tariffs and countermeasures harms all the affected economies by pushing up consumer prices and dampening productivity-enhancing investments.

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