European Union reaches deal with Trump to pull back from trade war

Jul 28, 2018, 14:04
European Union reaches deal with Trump to pull back from trade war

"We also will resolve the steel and aluminum tariff issues and we will resolve retaliatory tariffs".

Facing harsh criticism of his tariffs policy, President Donald Trump is offering assistance to US farmers hurt by tariffs.

"Tariffs are taxes that punish American consumers and producers".

Sen. Rand Paul, R-Ky., blasted the plan on Twitter. The U.S. Chamber of Commerce estimates those farmers will lose an estimated $12 billion from trade with China alone. The company has said it can not absorb the total cost increases imposed by American tariffs.

"We just opened up Europe for you farmers".

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.

Trump is facing calls from his own party to back down on the tariffs, particularly after the administration announced Tuesday that it will grant up to $12 billion in aid to farmers hurt by retaliatory tariffs.

The truce may prove to be short lived if the two sides can't resolve their differences over trade in vehicles and auto parts.

"You have a awful policy that sends farmers to the poor house and puts them on welfare", he said.

Jean-Claude Juncker
Commission president Jean Claude Juncker will join trade commissioner Cecilia Malmstrom at the meeting

EU Commission president Jean-Claude Juncker and trade chief Cecilia Malmstrom will meet Mr Trump in Washington to try to talk him out of imposing the auto tariffs, which would hurt the industry on both sides of the Atlantic and increase trade tensions.

The aid package will offer much-needed support to farmers caught up in the burgeoning trade war sparked by tariffs Trump imposed on several of US's largest trading partners. It's as simple as that'. "It means that they are competitive", Trump told Glor.

Following the announcement, European Union trade commissioner Cecilia Malmstrom said the Washington-Brussels relationship had "turned a page".

Export statistics for May showed a surge of stockpiling of USA goods by Chinese importers, particularly crude oil and soybeans, as they raced to buy before Beijing's retaliatory tariffs took effect, driving up costs. That was my main intention to propose to come down to zero tariffs on industrial goods.

According to the USDA, the imposed tariffs could cost United States farmers approximately $11 billion, affecting products such as soybeans, milk and pork, as well as fruits, nuts, and other speciality crops. "Great for global economy", he tweeted late on Wednesday.

Perdue described the measures, which do not require congressional approval, as a one-time, short-term effort to give Trump more leverage to negotiate an end to trade disputes with China, Canada, Mexico, the European Union and others.

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

Johannson went to say that USDA will be providing congressional notification but it is not required to get congressional approval.

"This is a short-term solution to allow President Trump time to work on long-term trade deals to benefit agriculture and the entire US economy", said Sonny Perdue, the secretary of agriculture, in a statement.