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Trade war: Wall Street suffers biggest selloff since January after China hits back – as it happened | Business

Not for the first time, Trump is scrambling political allegiances. It is especially awkward for Republicans. The president’s protectionist “America First” agenda flies in the face of the party’s free market principles and threatens to hurt voters in red states. Farmers are one example. At a news conference organised by the campaign group Tariffs Hurt

Not for the first time, Trump is scrambling political allegiances. It is especially awkward for Republicans. The president’s protectionist “America First” agenda flies in the face of the party’s free market principles and threatens to hurt voters in red states.

Farmers are one example. At a news conference organised by the campaign group Tariffs Hurt the Heartland, in response to the raising of tariffs to 25%, Brent Bible, a soybean and corn farmer in Lafayette, Indiana, said: “Our competitive advantage has always been we are a reliable source of product. This has taken that away.

“It has made it … so uncompetitive that other countries are willing to now take the risk that some of the South American countries have in terms of logistics, safety and being reliable. China and others are now willing to take that risk since we are priced so far out of the market.”

The White House has already paid out $12bn in aid for farmers hurt by Chinese tariffs against soybeans and other agricultural products, effectively wiping out financial rewards Trump claims tariffs have reaped.

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