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Donald Trump 'deal' with European Union boss Jean-Claude Juncker averts trade war

26 July, 2018, 17:41 | Author: Shawna Walton
  • U.S. President Donald Trump meets with President of the European Commission Jean Claude Juncker in the Oval Office at the White House in Washington

Mr Trump and Mr Juncker said the talks would also seek to "resolve" USA tariffs on steel and aluminum and Europe's retaliatory duties - marking a step back from the President's signature import protections for American metals producers.

"We want it to be a level playing field for our farmers, for our manufacturers, for everybody", he said.

Juncker will suggest two paths, one of which is a deal among major auto exporting nations including the U.S., Europe, Japan and Canada to reduce tariffs on cars.

On another front, Trump's administration has hit even its close allies the European Union, Canada and Mexico with levies on steel and aluminium exports to the U.S., prompting retaliation against iconic USA products including bourbon whisky and orange juice.

The price of hogs is predicted to drop, too. Germany's VDA auto industry association called the meeting "a big step forward" and "good news for industry and consumers on both sides of the Atlantic".

"Our biggest exposure, our biggest unmitigated exposure, is really steel and aluminum when you look at all of the commodities", GM CEO Mary Barra said Wednesday. The U.S. soybean market took a big hit after China, its biggest customer, imposed reciprocal tariffs on American exports. These steel tariffs have caused the price of steel to jump significantly, which in turn has caused the price of farm equipment to also rise.

China, Mexico, Canada and the European Union have all placed tariffs on different USA farm exports in retaliation for US tariffs on their products. China and the European Union have responded to Trump's tariffs on their goods by slapping their own import fees on American items.

Where is the $12 billion coming from?

He said this was a "short-term" solution to help farmers and give President Donald Trump time to negotiate a longer term trade deal to help agriculture and other sectors hurt by unfair trading practices by China and others. "All will be Great!" he concluded.

The administration's action appeared to divide Republicans, with some praising the move and others troubled by what they viewed as the kind of widespread government-assistance program their party has traditionally opposed. The U.S. and China have threatened to impose 25 percent tariffs next week on $16 billion of each other's goods. "The fact that other countries are bad at economics-and harm their own people with tariffs and other protectionist schemes-does not justify our own economic incompetence". 'If tariffs punish farmers, the answer is not welfare for farmers - the answer is remove the tariffs'. "It could be direct aid it could be through the CCC program buying up excess product sometimes the USDA will come in and they'll buy up some of the surplus products like meat products, dairy products that type of thing so it might be a combination of those type of programs", Thiesse said. "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

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