What was settled in the Trump-Europe trade rift?

30 July, 2018, 22:44 | Author: Teresa Adams
  • President Donald Trump and European Commission president Jean Claude Juncker in the White House Rose Garden

He writes: "Negotiations are going really well, be cool". CF Industries Holding and Mosaic Company both traded up more than 3 percent, while Deere & Co. shot up more than 4 percent after news of the aid package was leaked to The Associated Press by two people briefed on the plan.

Most important, they agreed to suspend a looming trade war over autos. Rabobank International Ltd. predicted in June that the US may overtake Brazil as the biggest soybean exporter to the EU.

Trump had faced a backlash against his threatened auto tariffs on Capitol Hill, especially from lawmakers whose constituents would stand to suffer.

Zero industrial goods tariffsTrump and Juncker said the U.S. -EU talks would seek to eliminate tariffs, trade barriers and subsidies for non-automotive industrial goods, and cut barriers to transatlantic trade in services, chemicals, pharmaceuticals and medical products.

The president, in a hastily called Rose Garden statement with European Commission President Jean-Claude Juncker, said the EU had agreed to buy "a lot of soybeans" and increase its imports of liquefied natural gas from the U.S. Juncker, meanwhile, said the U.S. and EU had agreed to hold off on further tariffs as part of trade talks aimed at averting a crippling trade dispute involving the lucrative automobile market. But they said the breakthrough announcement was a step in the right direction.

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He has slapped taxes on imported steel and aluminum, saying they pose a threat to USA national security. These tariffs - effectively a tax on imports - have hurt many American manufacturers that require imported steel and aluminum to build cars, boats, machines and many other goods.

Treasury Secretary Steven Mnuchin said Thursday addressing steel and aluminum tariffs and counter tariffs would be covered in the first phase of talks between the US and the EU. No firm dates were set for future talks on the US steel and aluminum tariffs. President Trump's trade policies, in time, could do the same.

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"It's encouraging that they're talking about freer trade rather than trade barriers and an escalating tariff war", said Rufus Yerxa, president of the National Foreign Trade Council and a former US trade official.

President Donald Trump and European leaders pulled back from the brink of a trade war over autos Wednesday and agreed to open talks to tear down trade barriers between the United States and the European Union. The truce lasted just days.

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German producers and supplies employ more than 118,000 people at about 300 plants and manufacture more than 800,000 vehicles per year in the US - with more than half of the cars being exported, according to figures provided by the German automotive industry.

The Trump-Juncker rapprochement did nothing to resolve America's conflicts with the rest of the world. And they would continue to hit USA trading partners like Canada, Mexico and Japan even if the US and the European Union cut a deal. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totaled $335 billion. "More purchases by the European Union of US soybeans will certainly take place in coming months but this would be for business reasons rather than the Trump/Juncker agreement", he said.

But while politicians and businesses welcomed the deal Thursday, the agreement was vague, the negotiations are sure to be contentious, and the United States remains embroiled in major trade disputes with China and other countries.

Rural and agricultural states supported Trump by wide margins in the 2016 election.

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