From our Washington dispatch - U.S. Trade Representative Jamieson Greer has urged the resumption of high-level engagement between the two global powers, insisting that a meeting between Donald Trump and Xi Jinping still "makes sense," despite a spiral of tensions fueled by tariff threats and Beijing's new export restrictions.

Greer, speaking on CNBC, characterized recent Chinese measures as having "overstepped", even while acknowledging that "it's hard for them to find an off-ramp at this point." He pointed to senior government staff from both countries meeting in Washington on Monday as a sign that dialogue remains open, despite Trump's announcement that China would face 100% new tariffs next month in retaliation for Beijing's tightened exports of rare earths.

From Beijing's perspective, a Commerce Ministry spokesman pushed back, warning that "threats of high tariffs are not the right way to get along with China", and accusing the U.S. of undermining cooperation by expanding trade restrictions and imposing new port fees. The Chinese side vowed "resolute measures to protect its legitimate rights and interests."

Trump has defended his approach as consistent with his "America First" foreign policy, including a recent aid package for Argentina, which drew condemnation from U.S. farmers fearful of increased competition in soybean markets. Trump argued that assisting Argentina fits broader geopolitical goals, claiming that a flourishing Latin America strengthens U.S. influence and global trade ties. He also dismissed concerns that China might pivot to buying more Argentine soybeans, saying, "China likes to draw wedges ... but it's not going to mean anything in the end."

Meanwhile, agriculture voices in the U.S. are sounding alarms. National Farmers Union President Rob Larew urged Congress and the White House to deliver swift relief, warning that trade policies and global reprisals have driven commodity prices below the cost of production while input costs in 2025 are projected to set new records. He pressed for aid targeting farms (not large conglomerates), broader domestic demand support, and clean fuel incentives like expanded E15 ethanol.

Rep. Sharice Davids and Minnesota Gov. Tim Walz backed efforts to provide "bridge funding" to distressed farmers. Davids emphasized that while she supports assistance, she also attributes the mounting crisis to Trump's erratic trade strategy. Walz added that support to farmers shouldn't be shaped by political leanings but by urgent need.

In agriculture-rich states, the pressure is palpable. The Missouri Farm Bureau warned that many farmers are choosing to downsize or drop leases just to focus on acreage likely to produce meaningful yield. As one official noted simply, "the amount matters"-small support won't be enough to stabilize operations.

On the global stage, the U.S.-China dispute extends beyond tariffs. China's move to restrict exports of rare-earth minerals-critical for tech, renewable energy, and defense supply chains-has been framed by U.S. trade officials as an attempt at economic coercion. Greer and Treasury Secretary Scott Bessent have both condemned the controls, while analysts worry that retaliatory escalation could ripple across high-tech, automaking, and agricultural sectors.

Looking ahead, the looming meeting between Trump and Xi (potentially during the APEC summit) may be a defining moment. Will the leaders seize the opportunity to defuse the standoff-or will it become another site of showmanship, with agriculture and global supply chains caught in the crossfire?