Trump and EU easing trade tensions a "ceasefire", but pressure still on

Trump European Union leaders pull back from trade war

Trump European Union leaders pull back from trade war

US President Donald Trump and European Commission chief Jean-Claude Juncker have agreed to launch negotiations to cut trade barriers, easing the threat of a transatlantic trade war.

"We agreed today, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods", he went on.

After Trump slapped steep new tariffs on imports of foreign steel and aluminum earlier this year, China, Mexico, and the European Union imposed retaliatory tariffs on billions of dollars USA goods - from bourbon, Harley Davidson motorbikes and orange juice to dairy products, soybeans and pork.

Trump said they'll work to resolve the steel and aluminum tariff issues, calling it "a new phase in the relationship" between the US and the European Union, and "a very big day for free and fair trade".

"We know that the impact has been substantial enough that it has made the difference between whether there is a profit margin in some cases", Rotz said.

We have identified a number of areas on which to work together, work towards zero tariffs on industrial goods.

That's why, at first blush, yesterday's joint announcement by Trump and Juncker appears to be a positive development-and, to be fair, any indication of a cease fire in the trade war is welcome.

EU Trade Commissioner Cecilia Malmstrom, who will accompany Mr Juncker, expressed hope for a "de-escalation" of the tensions, but said the EU is drawing up a list of more U.S. products that could be hit with retaliatory duties if the trip fails.

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The aid is meant to protect the industry as countries raise taxes on United States products such as soybeans in response to the president's new tariffs.

Trump has also imposed tariffs on $34 billion of Chinese imports - a figure he has threatened to raise to $500 billion - in a dispute over Beijing's aggressive drive to supplant US technological dominance.

Both Juncker and Trump's comments on more USA -sourced LNG heading into Europe will have major geopolitical ramifications in both the European Union and even Russian Federation. The escalating trade war and tariffs on steel and aluminum had put pressure on auto companies' earnings. The E.U. subsequently retaliated with tariffs on a number of US goods.

The Agriculture Department announced it will provide up to US$12 billion in aid to farmers hurt by trade tariffs. "And we should do that even in more hard times", he stressed hinting at the strained relations between Washington and its transatlantic allies.

Juncker's visit to Washington aroused great expectations after the exchange of accusations and the imposition of tariffs by Trump on European steel and aluminium, to which Brussels had responded with identical measures on assorted USA products, including motorcycles and jeans.

Earlier this week, President Trump announced a $12 billion emergency relief package for agricultural producers - who've been harmed by the "emergency" of his own trade policies. Farm-state lawmakers often say they would prefer trade rather than aid.

The United States exported $138 billion in agriculture products in 2017, including $21.5 billion of soybeans, the most valuable export. Trump has threatened to impose a massive hike in tariffs from the current three percent to 25 percent. Taxes on European Union cars, trucks and auto parts could have hit goods that were worth $335 billion a year ago. "Farmers need contracts, not compensation, so they can create stability and plan for the future", said the group's executive director, Brian Kuehl.

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