Trump suggests cutting all tariffs ahead of key meeting with EU

26 July, 2018, 17:41 | Author: Teresa Adams
  • Nebraska senators react to $12B plan to assist farmers affected by tariffs

He got a win there.

President Trump welcomes Jean-Claude Juncker, president of the European Commission to the White House to discuss trade.

Senate Foreign Relations Committee chair Bob Corker, a Tennessee Republican, said Trump's tariffs 'are a massive tax increase on American consumers and businesses, and instead of offering welfare to farmers to solve a problem they themselves created, the administration should reverse course and end this incoherent policy'.

"Very demanding and intensive negotiations lie ahead of us", German Economy Minister Peter Altmaier said, vowing that "we will represent and defend our European interests just as emphatically as the USA does with its interests".

Coming up: The US is also considering additional tariffs of more than $200bn on Chinese products, as well as duties on foreign cars and auto parts, which represent more than $300bn in annual trade. "It's kind of a double hit for the farmers", Badger said.

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"We're starting the negotiation right now, but we know very much where it's going", Trump said after talks with European counterparts. These practices ring of criticisms the USA and President Trump have lodged against the Chinese as unfair trading practices.

But Juncker said they had agreed not to impose any new tariffs while talks were taking place.

Speaking to the media, Mr Juncker said: "We are close partners, allies, not enemies".

"The aim is to figure out what the ask is, we don't yet have a clear picture of what the administration wants", the official said. And that's what we have to do.

The European Union had warned that it would retaliate with tariffs on products worth $20 billion if Trump puts duties on cars and auto parts from Europe.

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Nebraska Republican Sen. Ben Sasse, a frequent Trump critic, said the president's "trade war" is "cutting the legs out from under farmers and the White House's 'plan" is to spend $12 billion on gold crutches'.

The agriculture sector was already suffering before the president's tariffs. And he name-checked each one as they watched his hastily planned joint press conference with Juncker. Trump wrote in a Wednesday morning tweet.

"Back in the really dry years we had subsidies, and it kept a lot of farmers going to catch their interest up or something like that, it never was enough to pay off any debt, but it was enough to survive", Badger said.

"Without strong European answers, there is a danger that only we will make concessions and in response face new unreasonable demands from the U.S.", he said, calling for a comprehensive agreement that followed the guidelines of the World Trade Organisation (WTO).

President Donald Trump holds up a "Make Our Farmers Great Again" hat as he speaks during the 2018 Made in America Product Showcase event, July 23, 2018, in the Cross Hall of the White House in Washington, D.C.

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