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US farmers, industry urge Trump to resolve China trade dispute quickly

• yahoo.com, Heather SCOTT with Ryan McMorrow

That message was reinforced by financial markets, as US stocks fell by more than two percent for the first time in months amid concerns the renewed trade tensions could scuttle a deal.

Trump has vowed to more than double the tariffs on $200 billion in Chinese goods starting Friday, after US negotiators accused Beijing of reneging on commitments made during months of talks that aim to reduce the US trade deficit, clamp down on theft of US technology and reduce China's massive subsidies.

American soy farmers have found themselves in the crosshairs of Chinese retaliation, and prolonging the battle will be even more damaging, Davie Stephens president of the American Soybean Association (ASA), said in a statement.

Stephens, a grower from Clinton, Kentucky, said "farmers are in a desperate situation. We need a positive resolution of this ongoing tariff dispute, not further escalation of tensions."

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