Trump and European Union come to vague agreement to reduce trade tensions
26 July, 2018, 17:44 | Author: Corey Lynch
President Donald Trump and European Commission President Jean-Claude Juncker spoke at the White House Wednesday to say they are negotiating a deal to end most tariffs, trade barriers, and industrial subsidies between Europe and the United States.
Shares of BMW AG, Volkswagen AG, Fiat Chrysler Automobiles NV and Daimler AG jumped on Thursday following a pledge from the two leaders to "hold off on other tariffs" while they negotiate a deal to expand European imports of USA liquefied natural gas and soybeans and lower industrial levies.
U.S. Rep. Frank Lucas, a Cheyenne Republican who represents Oklahoma's agriculture-reliant western half, says President Donald Trump was right to compensate the farmers and ranchers who are casualties in a trade war the president started months ago.
In addition to the direct impact of tariffs on American farm products, farmers have also been hurt by USA tariffs on foreign steel imports.
The two would work for zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods, he said. Negotiation, not tariffs, provide the best path toward solving trade issues, particularly as it relates to our allies in Canada and Mexico.
"We want to further strengthen this trade relationship to the benefit of all American and European citizens", Trump said in a statement delivered from the White House Rose Garden.
After their meeting, Mr Juncker thanked the US President and claimed it was a "good, constructive meeting".
On Wednesday, the soft-spoken Juncker made conciliatory comments, saying that the USA and the European Union are "close partners, allies not enemies" and noting that the US and European Union represent half of the world's trade.
The aid is meant to protect the industry as countries raise taxes on U.S. products such as soybeans in response to the president's new tariffs. After Trump hit China with tariffs, they responded with a 179 percent retaliatory tariff on us sorghum.
The White House has made a decision to direct $12 billion in emergency aid to American farmers, to help take the sting out of the trade war that President Donald Trump started.
The EU had threatened to impose retaliatory tariffs on $20 billion of United States goods if the talks failed.
"Tariffs were, are and will not be great, even if the US president claims as such in his tweets", said Eric Schweitzer, president of the DIHK chambers of industry and commerce.
The increase in tariffs not only impacts the agricultural exports but also farming resources.
In announcing the farmer assistance program, USDA secretary Sonny Perdue sent a signal that the Trump administration is willing to help US industries hurt in the trade war. The two will hold off on further tariffs and the US will relent on steel and aluminum tariffs. "We want free and open trade", said Eric Maupin of the American Soybean Association Executive Committee.
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Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. The U.S. has also imposed tariffs on $34 billion in Chinese products and threatened tariffs on $500 billion more in goods.
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The plan, however, has already magnified objections among some Republicans that the tariffs amount to taxes on American consumers. This caused the price of sorghum to drop significantly, and forced ships full of sorghum heading to China to change course.
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But it is not hard to see that the sufferers of Trump's destabilizing trade fantasy are the developing economies of the world. That has got China back threatening more tariffs on the US. "Unilateralism and trade bullying are unacceptable", Gao said.