Donald Trump Says US And EU Will Work Towards 'Zero Tariffs' Trade

Donald Trump Says US And EU Will Work Towards 'Zero Tariffs' Trade

Before European Union President Jean-Claude Juncker agreed to import more soybeans on Wednesday, the US government agreed to a $12 billion bailout for American farmers who had been adversely affected by President Trump's tariffs on certain imports from China, the EU, Canada and Mexico.

The deal involved the European Union importing more USA soybeans, lowering industrial tariffs and working on an agreement to import more liquified natural gas (LNG) from America, according to a Dow Jones report.

Juncker said the two sides agreed that as long as they were negotiating on trade, they would hold off on further tariffs, including potential USA tariffs on cars and auto parts. Before the meeting on Wednesday, the EU's trade commissioner, Cecilia Malmstrom, warned that if the negotiations fell through, the European Union was ready to slap $20 billion-worth of USA goods with more retaliatory tariffs, a measure which will be avoided, for now.

Trump said the meeting successfully launched a new phase in the U.S.'s relationship with the European Union, which Trump has characterized as a problem for the American economy. Since March, he has imposed blanket tariffs on almost all imports of steel and aluminum and placed penalties on $34 billion in goods from China, a total likely to increase to $50 billion next month and into the hundreds of billions later this year. The E.U. subsequently retaliated with tariffs on a number of USA goods. His defense came after his administration announced a plan to provide $12 billion in emergency relief for farmers who have been slammed by the president's trade disputes with China and other countries.

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But it now pivots the White House focus on to its escalating trade war with China, where negotiations have stalled over billions in tariffs and retaliatory tariffs, with duties on an additional US$200 billion of Chinese goods set to be enacted in August.

Recently, Trump has threatened a 25% tariff on European autos, a warning that seems to have been staved off.

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"A breakthrough has been quickly made that nobody thought possible!", he tweeted on Wednesday.

U.S. President Donald Trump is showing no signs of backing away from using tariffs as a negotiating tool, taking to Twitter early Tuesday morning saying "tariffs are the greatest".

Mr Juncker said striking a deal on zero tariffs on industrial goods was his "main intention".

"This is not yet the result we are aiming for but it has made a positive result in the whole discussion.on free trade or protectionism more likely than before", Maas told a news conference in Seoul, extracts of which were broadcast on German radio.

"They are gonna be a massive buyer of LNG", Trump said, who added that we are going to make it easier for them. "We have a number of areas on which to work together", he said. He also spoke of the soybean import increase and working toward reforms of the WTO.

The Agriculture Department said that it would make compensatory payments to producers of soya, sorghum, maize, wheat, cotton, dairy and pork, and buy surpluses of commodities including fruits, nuts, rice, legumes, beef, pork and milk.

Trump's tweet comes less than 24 hours after the US Department of Agriculture authorized $12 billion of support for farmers and ranchers hurt by tariffs imposed by China.

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