Trump says European Union trade talks will help Midwest farmers

Devin Lawrence
July 28, 2018

The European Union Commission is preparing to introduce tariffs on $20 billion of USA goods if Washington imposes trade levies on imports of cars, EU trade commissioner Cecilia Malmstrom told Swedish daily Dagens Nyheter on Wednesday.

Agriculture Secretary Sonny Perdue said Tuesday the emergency aid package will use existing funding to mitigate the estimated $11 billion impact of "illegal tariffs" other countries have imposed on USA agriculture exports.

Trump told reporters it was a "very big day for free and fair trade" and vowed to "resolve the steel and aluminum tariff issues and we will resolve retaliatory tariffs".

Juncker's visit to Washington came during a rocky period in U.S.

Juncker said he had an "intention to make a deal today and we made a deal today".

Among US products President Donald Trump will showcase is the Lockheed Martin Corp F-35 fighter at the White House lawn on July 23, 2018.

Officials said the direct payments could help producers of soybeans, which have been hit hard by the Trump tariffs, along with sorghum, corn, wheat, cotton, dairy and farmers raising hogs.

Ahead of a big trade meeting with European officials, President Donald Trump on Tuesday hailed tariffs as both a negotiating tactic and as punishment.

G20 ministers call for greater dialogue on trade tensions
G20 ministers call for greater dialogue on trade tensions

"We made a deal today", Juncker said.

Trump had previously directed Agriculture Secretary Sonny Perdue to explore options to mitigate financial losses U.S. farmers are suffering as trade tensions between the USA and other countries heat up. "Hope they do it, we are ready - but they won't!" he tweeted.

A Republican member of the House Agriculture Subcommittee on Thursday slammed President Donald Trump's tariffs on China and U.S. allies, arguing that the $12 billion bailout for farmers is a warning that those actions are hurting the United States agriculture industry.

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 US and European Union are now working to resolve their differences over steel and aluminium - but the tariffs are still in place.

While Washington and Brussels pursue these aims, the leaders agreed "we hold off further tariffs and reasses existing tariffs on steel and aluminum", Juncker said. But they also exact a toll on domestic companies and consumers through higher prices on imported goods when American trading partners retaliate. The U.S. and European Union will work together to reform the World Trade Organization, Trump said.

Perdue says the plan is a short-term solution to give Trump time to negotiate trade deals. The problem is, they haven't been getting good prices because of the restrictions of other countries in place on their productivity.

Some outside advisers have privately urged Commerce officials to tailor any restrictions so that they only affect advanced technology used in cars and not the cars themselves, creating an opening for US companies without inadvertently driving up broad costs on consumers. He says, "We are once again pouring new American steel into the spine of our country".

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