Monday, 22 October, 2018

Trump, EU president make joint statement amid trade tensions

U.S. President Donald Trump meets with President of the European Commission Jean Claude Juncker in the Oval Office at the White House in Washington Pool Getty Images North America
| 26 July, 2018, 17:44

"We can also do stupid". Both sides agreed to work toward the goal of "zero" tariffs and subsidies on non-auto industrial goods and to "resolve" recent tariffs that both sides have imposed.

What Trump described as a "big day" came after he slammed the European Union for months only to predict earlier Tuesday before his meetings with Juncker that he thought they would strike a trade deal that will be "good for everybody".

"From the standpoint of the United States, we have never done this well, but we're going to do better after we do this deal and other deals that we are now working on".

The agreement was welcomed by political and business leaders in Germany, the EU's biggest economy, though their relief was tempered with caution that details have to be firmed up.

President Trump is scheduled to hold talk in Washington on July 25 with President of the European Commission Jean Claude Juncker.

"We will also resolve the steel and aluminium tariff issues", he added, reconsidering his attack, in March, on European Union metals exporters. Addressing sanctions, he said there is an understanding that there will there will be no further tariffs amid these negotiations and that the two sides will "reassess existing tariffs on steel and aluminum".

American stock markets jumped in their last half-hour of trading in response to reports of a US-EU agreement.

Whatever progress was achieved Wednesday could provide some relieffor USA automakers.

Hours later, he and Juncker came out to the White House Rose Garden for an impromtu press conference - aides were still setting things up when reporters were summoned for a almost hourlong wait - to announce what amounted to a trade relations peace pact between the United States and Europe. General Motors slashed its outlook, and shares of Ford Motor Co. and auto parts companies have fallen.


March: US announces tariffs on foreign steel and aluminium.

As just one example of how farmers are impacted, China used to import $1 billion worth of American-grown sorghum annually, which made up 77 percent of all US sorghum exports.

Brussels already retaliated against the steel and aluminium tariffs, imposing punitive duties on over US$3 billion (S$4.09 billion) of USA goods, including blue jeans, bourbon and motorcycles, as well as orange juice, rice and corn.

The EU is stepping in to ease some of USA farmers' pain.

Trump also touted the open markets he hoped to reach for Europeans to import food from the U.S.

"The European Union will start immediately to buy a lot of soy beans from our farmers in the Midwest primarily", Trump said.

Smith says the $12 billion will ultimately come from taxpayers.

"It's going to help defuse some of the concern out there, not only in farm country but in our economy generally", said Senator Rob Portman, an Ohio Republican. Pat Roberts, R-Kan. "They can't change costs they have in that product", he said. But they said the breakthrough announcement was a step in the right direction.

"The word that we got from staff was, as it was coming together, [Trump] was saying, 'OK, what's the next meeting?' And they said, 'Mr".

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