European Union agrees to buy more U.S. soy, import more liquified gas

28 July, 2018, 14:05 | Author: Corey Lynch
  • Trump says ‘drop all tariffs’ with European Union — hours after tweeting ‘tariffs are the greatest’

Both sides will work to decrease industrial tariffs and adjust regulations to allow USA medical devices to be traded more easily in European markets.

Even so, economists say there is the possibility Trump's trade war could become a drag as exports fall and manufacturing slows, while prices rise fueling inflation, and mounting interest rates drive up borrowing costs.

U.S. President Donald Trump during a meeting with Jean-Claude Juncker, president of the European Commission, in the Oval Office of the White House, in Washington, on Wednesday.

This turmoil over tariffs is just the latest to hit struggling American farmers.

"It's an admonition that tariffs are harming agriculture and harming farmers", Young said of the aid package.

Firstly, the new Market Facilitation Program will provide payments to producers of soybeans, sorghum, corn, wheat, cotton, dairy and hogs, which the USDA says "will help farmers manage disrupted markets, deal with surplus commodities, and expand and develop new markets at home and overseas".

Trump tells workers gathered at U.S. Steel's Granite City Works' Steel Coil Warehouse that other countries were able to target U.S. workers and companies and steal U.S. intellectual property.

"It doesn't take a week", Trump added.

Trump has threatened to place tariffs on up to $500 billion in products imported from China, a move that would dramatically ratchet up the stakes in the trade dispute involving the globe's biggest economies.




SHORT TERM TRADER: Short at 12545; stop above 12800. "I want trade. Trade is what works", said Wanda Patsche, who grows corn and soybeans and raises pigs near Welcome in southern Minnesota with her husband, Chuck.

He said the United States and the EU have agreed to hold off on new tariffs, suggesting that the USA will suspend plans to start taxing European auto imports - a move that would have marked a major escalation in trade tensions between the allies. Trump says that he's looking for a fair trade deal with the EU. It's as simple as that'.

Trump hinted he was eager to see the numbers and told supporters in Wisconsin last month they should pay close attention to the coming result.

Still, the deal announced Wednesday with the European Union is an encouraging sign that America's trade partners may be able to placate the Trump administration with offers to buy more USA goods, averting a trade war that the International Monetary Fund has warned may undermine the strongest global upswing in years.

Export statistics for May showed a surge of stockpiling of U.S. goods by Chinese importers, particularly crude oil and soybeans, as they raced to buy before Beijing's retaliatory tariffs took effect, driving up costs.

And he's already imposed tariffs on $34 billion in Chinese imports in a separate dispute over Beijing's high-tech industrial policies. China has retaliated with duties on soybeans and pork, affecting Midwest farmers in a region of the country that supported the president in his 2016 campaign.

Earlier Tuesday, the president praised tariffs in a tweet.

As with Europe, Trump has accused China of unfair trade practices that hurt USA sales and undercut American workers.

The deescalation came after an uproar among businesses and Republican lawmakers about the potential impact of Trump's strategy on the economy.

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