EU agrees to buy a lot of soybeans, resolve tariff issues

Trump holds off on planned EU car tariffs

The upcoming negotiations between the USA and Europe are not guaranteed to produce an agreement that significantly reduces trade barriers.

Watch the joint address between Pres. Donald Trump and European Commission President Jean-Claude Juncker here.

Trump could impose the 25% vehicle tariffs on national security grounds once Commerce Secretary Wilbur Ross completes a required investigation, which could come anytime before a deadline by early next year.

One key aspect of the agreement, according to the official who spoke on condition of anonymity, was that the two sides had agreed to work together to tackle China's market abuses.

Juncker declared he "had the intention to make a deal today and we made a deal today".

The U.S. earlier this month imposed 25% tariffs on $34 billion worth of Chinese products, drawing a tit-for-tat response from Beijing which targeted politically sensitive U.S. agricultural products.

He's a pro-Trump lawmaker, but he's also a vehicle dealer, and the auto industry is losing sleep over Trump's steel and aluminum tariffs, and the potential the administration has raised for more auto-related tariffs.

The plan for the European Union to buy more soya beans and natural gas from the U.S. could relieve some political pressure on Mr Trump and resolve some strategic issues for the US.

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

Fred Bergsten, senior fellow and director emeritus of the Peterson Institute for International Economics, said an agreement with Europe would allow Mr. Trump to focus on China. Lawmakers in Washington on Thursday passed legislation to slow Chinese investment in USA companies.

The Trump administration has already imposed billions of dollars of tariffs on the European Union for what it has labeled unfair trade practices, raising costs for companies and consumers and roiling a traditionally close alliance.

USA farmers to receive up to US$12B in trade war relief
French Finance Minister Bruno Le Maire said on the weekend that Europeans "refuse to negotiate with a gun to the head". But the plan magnified objections among many Republicans that the tariffs amount to taxes on American consumers.

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". "This is a real vindication of the president's trade policy", he said.

"Engaging is unilateralism or protectionism is not the way out", Geng said, when asked about Kudlow's comments.

"I share the president's desire to crack down on bad actors in the global marketplace, particularly China, but I fear the administration has lost sight of the goal to create a level playing field for farmers, steel producers and manufacturers", he said in a statement. "We have some tariffs that are retaliatory and that will get resolved as part of what we're doing".

The impact has fallen mainly on USA farmers and Republican party lawmakers.

To mitigate this criticism, Agriculture Secretary Sonny Perdue announced a $12 billion bailout package for farmers.

The pair also agreed to hold off imposing any further tariffs while negotiations take place - something Juncker called a "major concession" by the president - and to work towards reform of the World Trade Organization.

European Central Bank chief Mario Draghi called the tentative truce a "good sign, because in a sense it shows that there is a willingness to discuss trade issues in a multilateral framework again".

That development was significant as the USA and the European Union together count for more than 50 per cent of the global GDP. Shifted to other parts of the budget, that $12 billion could go a long way toward addressing remaining shortfalls in waterway (and other) infrastructure needs.

That deal fell apart quickly and has been replaced with a rising tally of tariff retaliation that has led to Trump threatening tariffs on nearly everything the United States imports from China.

"I think the concerns of the farming community have been growing pretty large", Hurt said Wednesday afternoon. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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