Trump holds off on planned European Union auto tariffs
Jul 28, 2018, 11:36
Trump also said the European Union had agreed to buy more soybeans from American farmers, who have seen prices decline sharply since China imposed retaliatory tariffs. While critics of the President's tariffs have rightly pointed out that these tariffs act as a tax on consumers and small businesses who use imports as inputs, they haven't accounted for the fact that such short-term pain is necessary for the long-term gain of a trade reset that equalizes tariffs.
"This trade war is cutting the legs out from under farmers, and the White House's "plan" is to spend $12 billion on gold crutches", he said.
Tariffs threaten more than $3.8 billion in IL exports, according to the U.S. Chamber of Commerce, and major companies including Caterpillar and Boeing already have been negatively affected.
There appears to be a cease-fire in the trade war brewing between the USA and the European Union.
The US and European Union are now working to resolve their differences over steel and aluminum - but the tariffs are still in place.
"What we've agreed is not to impose automotive tariffs while the negotiations are under way".
"Phase one will be to immediately resolve those issues so there will be no tariffs in either direction", Mnuchin said.
Trump earlier this year implemented steel tariffs of 25 percent and 10 percent on aluminum on the EU.
The would prioritise "to work together towards zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods", a statement said.
Mr. Juncker said the European Union already imports 35% of its natural gas from US producers, but will work to buy more.
Through the deal, the Trump administration seeks to reduce trade barriers to lower the $152 billion US deficit in merchandise trade with the EU, while European counterparts want an end to repeated threats of new tariffs and other measures to restrict access to the USA market.
While EU officials had threatened immediate retaliation to any auto tariffs, and said they would not negotiate with Washington under duress, they seem to have made a decision to appease the irascible USA leader. "We're opening up markets; you watch what's going to happen".
These comments contrasted greatly with comments out of Berlin, where the spokesman for Chancelor Angela Merkel welcomed the "constructive" meeting.
He warned, however, it was too soon to "assess the actual content". And Trump, who has frequently changed course for little apparent reason, could always decide that the tariffs should remain in effect after all.
United States stocks closed the day mostly lower on Thursday, despite rallying after the announcement, as investors were cautious that the trade threat had fully receded. General Motors slashed its outlook, and shares of Ford Motor Co., and auto parts companies have fallen. No firm dates were set for future talks on the USA steel and aluminum tariffs.
But European markets rallied, as French and German carmakers rebounded on news of their reprieve.
He later told reporters that was a "major concession" on Trump's part and that he expected the United States president to follow through on it.
However, it "may not be necessary" to impose the tariffs.
Perhaps Trump thinks that because he can impose tariffs on more goods than the Europeans, the US will win the game. The plan for Europe to buy more natural gas from the United States has a security dimension. Member states will approve then new guidelines to frame the Commission's mandate to negotiate the deepening of the trade relations.
In May, Trump abandoned a framework for trade negotiations with China within days of it being announced, before ratcheting up tariffs. Trump has also accused Beijing of manipulating its yuan currency to give its exporters an edge, a charge rejected by China.
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