Steven Miran, Trump’s head of the Council of Economic Advisers, wrote a paper defending tariffs and arguing that tariffs are borne by foreign producers and that the rise in the dollar reduces the cost to Americans.

China’s economy grew more than expected in the last three months of 2024, official data showed on Friday, as it awaits the likely imposition of fresh tariffs by US President-elect Donald Trump, who takes office next week.

China is the US's biggest customer when it comes to agricultural products. President-elect Donald Trump has promised to impose steep tariffs on China in his second term. Many farmers in the American heartland worry China's response could break them.