Soybean farmers anxious, even with $12 billion in aid, and European Union promises

Virginia Carson
July 28, 2018

Addressing a joint press conference in Rose Garden at the White House on Wednesday, Trump and European Commission President Jean-Claude Juncker agreed to begin discussions on eliminating tariffs and subsidies that hamper trade across the Atlantic.

Following the meeting at the White House, the pair said the talks would seek to "resolve" United States tariffs on steel and aluminum and Europe's retaliatory duties - marking a step back from Trump's signature import protections for American metals producers.

Mr. Juncker, after Trump imposed tariffs on steel and aluminum imports, said in March that "this is basically a stupid process, the fact that we have to do this".

Speaking with reporters outside the White House on Thursday, U.S. Treasury Secretary Steve Mnuchin said, "If they are willing to make serious changes just as the European Union agreed to yesterday, we'll negotiate with China anytime. but they need to be willing to make serious changes".

France was one of the countries to immediately demand clarification after the talks, citing comments from Trump that the agreement would open up new markets for USA farmers.

European Central Bank President Mario Draghi called the Washington meeting a good sign.

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"We just opened up Europe for you farmers", he told supporters at a rally in the farm state of Iowa.

Trump is keeping the promises he made the American people by standing up for US farmers and workers and engaging in hard negotiations with other world leaders, Conway insisted. The true threat to the economy and markets lies in the escalation the president had been threatening, particularly new auto tariffs and a third round of tariffs on imported Chinese goods.

"I think if we hadn't done the steel and aluminum tariffs, and if we hadn't had the threat of automotive tariffs, we never would have gotten to the point where we are now", he said.

The money is aimed at shielding farmers from US President Donald Trump's disputes with China and other leading trading partners.

The Journal's report says Juncker "flipped through" more than a dozen cards, which had minimal information on them, and all focused on a single issue.

However, Germany's DIHK chambers of Commerce noted that US auto tariffs were not totally off the table. Trump could impose auto 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. "And we made a deal today". "And, we appreciate that he has recognized our loss in exports and lower prices and provided some immediate relief". "Sounds like Trump has caved in on his ridiculous tariffs to the European Union".

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The EU said it will also import more liquefied natural gas (LNG) from the USA in an attempt to "diversity its energy supply".

US President Donald Trump's hardball approach with the European Union on trade appeared to pay off when he announced trade concessions from the EU and a "new phase in the relationship".

At a trip to Europe earlier in July, Trump slammed Berlin for agreeing to build the Nord Stream-2 gas pipeline from Russian Federation to Germany which, he argues, will increase Europe's reliance on Russian Federation gas.

Asked about Trump's plan to offer farmers $12 billion in temporary financial aid, Forrence panned the idea: "Do I personally like it? No".

His state has also been affected by retaliatory tariffs from the European Union on bourbon, and Barr said he didn't feel satisfied by the amount of specificity in Thursday's briefing on whether that would also be resolved soon. He said the Trump-Juncker accord was "a good start - it takes away many people's worries that the global economy could suffer serious damage in the coming months from a trade war".

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