Trump & EU Agree On Deal To Lower Trade Barriers

Nebraska senators react to $12B plan to assist farmers affected by tariffs

Nebraska senators react to $12B plan to assist farmers affected by tariffs

The U.S. and European leaders agreed to work toward "zero tariff" deal, ... following Mr. Trump's threat to slap tariffs on auto imports. Rand Paul (R-KY) ended his week of defending Trump by coming out strongly against the tariffs.

Trump said the talks would "resolve" both the hefty tariffs the United States had placed on imports of steel and aluminum from the European Union and the tariffs Europe had slapped on US goods in response. "This announcement is substantial but we can not overstate the dire consequences that farmers and ranchers are facing in relation to lost export markets".

"We made a deal today", Mr Juncker told reporters, following talks with Mr Trump at the White House.

The Trump administration said it would use a Great Depression-era program to pay up to $12 billion to help U.S. farmers.

Mr. Trump told CBS News' Jeff Glor earlier this month that he considers the European Union a "foe" because of how the collection of nations has treated the USA on trade.

The deal eases tensions for now stoked by Trump's threat to impose new levies on vehicle imports.

Kenny says the collateral damage of the Trump administration's trade war is real.

Germany's economy minister Peter Altmaier immediately hailed the news on Twitter, posting: "Breakthrough achieved that can avoid trade war and save millions of jobs!".

Trump has insisted in recent months on the need for the EU to agree to his demands to facilitate U.S. access to the European market and has threatened to impose tariffs of up to 20 per cent on imports of European automobiles if the bloc did not make concessions to Washington. He added that trade has to be "reciprocal in nature at a minimum".

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Turning and walking away from the lectern the US President reached his hand out to the President of the European Commission. "We have identified a number of areas on which to work together, work towards zero tariffs on industrial goods".

Trump tweeted on Tuesday morning, saying "t$3 ariffs are the greatest!" and that other nations would have to negotiate better trade deals with the United States or be hit by additional tariffs.

"What I want to see the office of the U.S. Trade Representative sitting down with representatives from all our trade partners all over the world with constructive conversation". "Whether it's with the European Union or others, it has to be reciprocal in nature at a minimum, and we're working on that and I think we're making tremendous strides". "And we are going to be pushing the administration for a long-term solution".

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 USA technological dominance. The EU is trying to nudge Trump here, quite rightly, to resolve his differences with Europe on trade so that the two sides can join forces against a more menacing adversary. In May, Trump abandoned a framework for trade negotiations with China within days of it being announced, before ratcheting up tariffs.

Although the aid package acknowledges the problems tariffs have created for American farmers, President Trump appeared unlikely to end the ever-escalating trade war. "And the European Union is going to start, nearly immediately, to buy a lot of soybeans", Mr Trump told reporters after the meeting.

The U.S. president also said the limited pact also would benefit the American chemical and pharmaceutical industries.

Trade analysts responded with cautious positivity, though they noted the lack of details and Trump's unpredictability.

"I think we have to talk each to another and not at another and that's what we do today", he said, before saying he hopes they could focus on reducing, not increasing, tariffs. "It's a first step".

"We are ready to invest in infrastructure and new terminals, which could welcome imports of energy from the United States and elsewhere, but mainly from the United States, if the conditions were right and prices competitive", he said in a speech after the White House meetings.

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