Brazil, Argentina reportedly benefited from US, China trade war
FOX Business' Hillary Vaughn reports on President Trump placing new tariffs on Brazil and Argentina, China trade negotiations, and the limited time Congress has to pass USMCA.
Millions of US farmers are suffering because of Trump's trade war, but not the country's garlic growers.
They are actually profiting from the standoff with China.
For decades, cheap Chinese garlic imports undercut domestic producers in the United States. Now, garlic growers are smelling the sweet scent of punitive tariffs.
Al Jazeera's Rob Reynolds reports from Gilroy, California, a spot where the taste of tariffs makes a savoury economic sauce. German Chancellor Merkel is holding trade talks in Delhi with Indian Prime Minister Modi. Among the items on the agenda are renewable energy and urban transport. Both sides see potential in the fallout from the trade war between the US and China. The two leaders have signed wide-ranging agreements to deepen their strategic cooperation. Prime Minister Modi also said they will also work to combat terrorism and extremism. Chile is regarded as Latin America's most stable economy but the US-China trade war could now be undermining its success.
The price of copper, Chile's main export, has fallen 17 percent this year and the value of the Chilean peso, regarded as one of the most stable currencies in Latin America, has dropped to its lowest in more than three years.
The government had forecast robust growth for this year, but a sharp rise in unemployment shows that the economy is taking a hit.
Al Jazeera's Lucia Newman reports from Santiago. The US-China trade war is in its second year. New tariffs on Chinese imports suggest that the world's largest economies are moving further away from a deal. Meanwhile, Hong Kong protests continue to add pressure to both sides (5:43). The Queen has approved UK Prime Minister Boris Johnson's request to shut down parliament until mid-October. Outraged MPs are calling this coup (0:58). Rapper Meek Mill is now free after pleading guilty to a misdemeanor gun charge after a 12-year legal battle (16:10).
LAUREN, GREAT JOB, THANK YOU, VERY, MUCH. BRAZIL AND ARGENTINA THE LATEST TARGETS FOR TARIFFS BUT THERE MIGHT BE AN ULTERIOR MOTIVE AND TARGET HAVING NOTHING TO DO WITH THE COUNTRIES. HILLARY VAUGHN WITH THE LATEST. HEY, HILLARY. REPORTER: NEIL, PRESIDENT TRUMP TARGETING NEW TARIFFS ON BRAZIL AND ARGENTINA, TWO COUNTRIES AT THE START DODGED ANY METAL TARIFFS. THE PRESIDENT HOLDING BACK IN GOOD FAITH TO REWORK TRADE AGREEMENTS WITH WITH BOTH COUNTRIES BUT NOW THAT IS OFF THE TABLE. THE PRESIDENT ACCUSING ARGENTINA AND BRAZIL OF MANIPULATING THEIR CURRENCY TO UNDERCUT AMERICAN FARMERS AND MANUFACTURERS. BOTH PROFITED OFF THE TRADE WAR WITH CHINA, PICKING UP BUSINESS AND SELLING SOYBEANS AND OTHER PRODUCTS TO CHINA. SUPPLY CHAINS MAJORLY FILLED BY U.S. FARMERS HERE. ON FOX BUSINESS, COMMERCE SECRETARY WILBUR ROSS THAT CHINA HAS A HARD DEAL TO GET PHASE ONE OF THE DEAL ACROSS THE FINISH LINE DECEMBER 15th. >> WE NEED A OVERALL PACKAGE THAT MEETS OUR REQUIREMENTS FOR THE PHASE ONE, AND IF SO A LOT OF THINGS MIGHT BE POSSIBLE. BUT IT IS GREAT THAT HE HAS THE HAMMER OF DECEMBER 15th, BECAUSE THAT'S A REAL HAMMER. IT WON'T INTERFERE WITH THIS YEAR'S CHRISTMAS. NOBODY'S REORDERERRING STUFF AFTER THE 15th OF DECEMBER. RETAILERS HAVE STOCKED UP. SO IT'S A VERY GOOD TIME IF WE HAVE TO PUT MORE TARIFFS ON. REPORTER: TODAY HOUSE SPEAKER NANCY PELOSI IS IN MADRID SIGNALING THAT THE USMCA IS STILL IN HIM BOW. DEMOCRATS WANT MEXICO TO ACCEPT BETTER ENFORCEMENT MEASURES FROM THE U.S. TO MAKE SURE THEY KEEP UP WITH LABOR STANDARDS, SAYING TODAY, THAT THE DEAL ON THE TABLE IS STILL NOT GOOD ENOUGH. CONGRESS ONLY HAS EIGHT WORKING DAYS LEFT IF THEY WANT TO TRY TO PUT UP THE ALL OOMPH FOR A VOTE