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

26 July, 2018, 19:26 | Author: Lawrence Cooper
  • Nebraska senators react to $12B plan to assist farmers affected by tariffs

But an EC spokesperson told CNBC moments after the men proclaimed a deal in the Rose Garden: 'All I can say is that the talks are ongoing. "Hope they do it, we are ready - but they won't!"

The Trump administration is coming to the aid of farmers hurt by its own hard-line trade policies, announcing Tuesday it will make an estimated $12 billion in government assistance available, including direct payments to growers.

Trump is meeting Wednesday with European Commission President Jean-Claude Juncker (zhahn-KLOHD' YUN'-kur).

After $34 billion in tariffs against China went into effect earlier this month, China responded with its own equivalent tariffs soon after, targeting US agricultural products including soy, corn, wheat, pork, poultry and more.

Federated Farmers said that when large countries battle each other on trade, there is a risk of small countries getting caught in the crossfire.

Some say the relief payoff would benefit farmers.

While those are positives, the question remains: Why should the USA face 10-percent tariffs on US auto imports into Germany while the US only has 2.5-percent tariffs on vehicle imports from Germany?

Trading partners like China, Canada and the European Union are imposing stiff tariffs on Midwest farm products to retaliate for Trump tariffs on their countries. The aid package does not require Congressional approval, but it could be another month before it kicks in.

"This trade war is cutting the legs out from under farmers and the White House's "plan" is to spend $12 billion on gold crutches", said Nebraska Sen.

Washington has since threatened tariffs on another $200 billion of Chinese exports, then upped that to $500 billion, prompting Beijing to vow further retaliation. That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement.

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China and the European Union have responded to Trump's tariffs on their goods by slapping their own import fees on American items.

During a speech to the VFW in Kansas City, Mo., President Trump said his tariffs are already working, bringing nations to the bargaining table.

The Republican leader told reporters Tuesday, "I've made it pretty clear I don't think tariffs are the right answer".

A deal is not out of the question, Mr. Kudlow said.

During their Oval Office meeting, Mr. Trump said he expects something "very positive to take place" during their discussions, but was adamant that a "level playing field" is needed for USA farmers and manufacturers.

The Trump administration plans to offer up to $12 billion in aid to farmers hit by tariffs on their goods, an emergency bailout meant to ease the pain caused by President Donald Trump's escalating trade war which led to retaliatory tariffs on goods like soybeans, pork, and beef.

US President Donald Trump hosts European Commission chief Jean-Claude Juncker Wednesday for what is set to be a tense face-to-face, with efforts to resolve a festering trade dispute between the two key economies seemingly deadlocked.

Many Wisconsin politicians are echoing that sentiment, saying payback for trade tariffs is not the way to go. "It's as simple as that". Remember, we are the "piggy bank" that's being robbed.

Fourthly, we agreed today to join forces to protect American and European companies better from unfair global trade practices.

Mr Trump has called the meeting productive.

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