U.S. Says Trade Talks With China Are Progressing

The transcript discusses ongoing trade talks between the US and China, highlighting optimism from both sides. Key points include Chinese concessions, such as reducing tariffs on US cars and resuming soybean purchases. The focus is on enforcement mechanisms to ensure compliance with agreements. The potential impact of a prolonged trade war on the US economy, particularly on farmers, is also discussed. Tariffs have offset some revenue losses from tax cuts, but their overall economic impact is debated.

What is one of the concessions China has made in the trade talks with the US?

• Stopping all technology transfers

• Reducing foreign investment

• Resuming soybean purchases

• Increasing tariffs on US-made cars

Why is enforcement a significant issue in the US-China trade talks?

• China has always complied with past agreements

• The US does not have any enforcement mechanisms

• China has previously made agreements that were not enforced

• The US wants to increase tariffs

What is one of the main concerns for US negotiators in the trade talks?

• Eliminating all trade agreements with China

• Ensuring China does not hinder American companies' market access

• Increasing tariffs on Chinese goods

• Reducing US exports to China

What is a potential consequence of a prolonged trade war according to the Congressional Research Service?

• Decrease in global soybean prices

• Strengthened US-China relations

• Immediate loss of export sales for US farmers

• Increased US market share

How have tariffs impacted US revenue according to the Congressional Budget Office?

• They have increased the budget deficit

• They have decreased revenue significantly

• They have had no impact on revenue

• They have helped offset revenue losses from tax cuts