Trump, Juncker tout deal pulling back from US-EU trade war

Flags for U.S. President Donald Trump's

US President Donald Trump's agreement to hold off from on tariffs on EU cars and start fresh negotiations on trade barriers was a "major concession", President of the European Commission, Jean-Claude Juncker, said on Wednesday.

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

Negotiations to lower tariffs and other barriers on industrial products and services would be also launched despite USA tariffs on Spain's black olives.

"We're opening things up", Trump said in Dubuque (video above). The U.S.is also in the middle of a trade dispute with China and is threatening to impose new tariffs on the European auto sector.

Trump's tariffs have been criticized by business leaders and members of Congress who say they could hurt companies that use steel and aluminum in their manufacturing and raise prices for consumers.

At the start of this month, China retaliated against Trump by imposing its own 25 per cent tariffs on key USA products, primarily made in the Midwest states most loyal to the President.

Prior to Juncker meeting with Trump, EU Trade Commissioner Cecilia Malmstrom said the trade bloc wanted to reach a settlement with the USA but warned it would not shy away from hitting back at the punitive tariffs placed on certain exports by the Trump administration.

At a meeting in Washington on Wednesday, Juncker and Trump agreed the U.S. would hold back on threats to apply tariffs on the auto sector as the two sides conduct negotiations.

Trump later tweeted that work on documents was "moving along quickly", adding that the meeting with Juncker had "great warmth".

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"Since the price decline of US soybeans in June 2018, the European Union is anyway purchasing more soybeans from the United States for economic reasons and there are no European Union import restrictions on USA soybeans which can be removed", said Stefan Vogel, head of agricultural commodity markets research at Rabobank, a Dutch bank that specializes in lending to the agriculture sector.

"The EU came into the conversation and they were open to the proposals we had made about getting rid of tariffs, non-tariff barriers and subsidies".

The factory has turned out about 90,000 banners since March, said manager Yao Yuanyuan, an unusually large number for what is normally the low season, and Yao believed the China-U.S. trade war was the reason. So the Chinese are buying up all the Brazilian and Argentinian soybeans they can in the interim, leading to expectations that the European Union would buy more from the U.S. Still, the EU's purchases won't come close to making up for Beijing's cutback in purchases of U.S. soybeans. "You know, other countries have tariffs on us".

Kudlow described the agreement with Europe as a vindication of Trump's tough stances on trade.

However, Germany's DIHK chambers of Commerce noted that USA auto tariffs were not totally off the table. "But one day of trade peace is nice after months of harsh rhetoric and escalating tariffs".

On the effect the trade policy is having on farmers and other American workers, he asserted that more jobs are being created than otherwise. "Reciprocal", Mr. Trump said.

The US declared a resounding victory for Trump and his confrontational stance, as Washington appears to have conceded little in exchange.

On the North American Free Trade Agreement talks with Canada and Mexico, Treasury Secretary Steve Mnuchin said he was "hopeful that we'll have an agreement in principal in the near future". Now, those tariffs are on hold as long as the USA and European Union keep talking in good faith.

The agreements come in the wake of heightened tensions between the United States and EU.

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