LAKE CHARLES, La. (KPLC) - China retaliated Friday, continuing the trade war by imposing tariffs on $75 billion of U.S. goods including soybeans, coffee and seafood.
Senator John Kennedy says China has been hurt by the tariffs President Trump has placed on them, but said it’s what needs to be done.
“Donald Trump is the first president since 2001 to actually stand up to China and say ‘no, no. Enough is enough.’ If you want to be a part of the global economy you have to abide by the global trade rules.”
Senator Bill Cassidy agreed it’s necessary, and believes our economy is strong enough to handle this trade war.
“There will be individuals and industries in our country which are hurt. That said, we continue to have the best growth in the world, literally the world, the developed world. We continue to have record-low unemployment, so, despite these bumps in the road, we can say if this is the time to have that fight, now’s the time," Cassidy said.
“I don’t see any possibility of a recession on the horizon. Now will WE enter a recession at some point in the next 10 years? sure. In free enterprise cycles, cycles, private business cycles have peaks and valleys," Kennedy said.
Cassidy reiterated his confidence in our economy.
“I’d like to think that continued growth and continued sort of, powering, or consumer confidence will keep us out of a recession," Cassidy said.
Both Kennedy and Cassidy said the administration is making dollars available for those farmers impacted by the trade war.
“Our farmers are seeking markets elsewhere in the world. I think it’s positive that the president signed the U.S.-Mexico-Canada trade agreement because that is an important market for our farmers,” Cassidy said.
“We’ve done a lot for our farmers. We’ve subsidized their crops,” Kennedy said “China buys a lot of soybeans from America, China tariffed those soybeans. We’re helping our soybean farmers among others to develop new markets elsewhere.”