Trump, E.U. President Announce 'Zero Tariffs' Trade Agreement Negotiations

26 July, 2018, 17:46 | Author: Kevin Carter
  • Nebraska senators react to $12B plan to assist farmers affected by tariffs

U.S. President Donald Trump said Wednesday that he and European Commission President Jean-Claude Juncker have agreed to work toward eliminating tariffs and barriers on trade, ... reducing trade tensions for now.

He said Europe has agreed to increase purchases of USA liquefied natural gas and lower trade barriers to American soybeans, american farmers and the energy sector.

Still, the deal announced Wednesday with the European Union is an encouraging sign that America's trade partners may be able to placate the Trump administration with offers to buy more USA goods, averting a trade war that the International Monetary Fund has warned may undermine the strongest global upswing in years.

"I had one intention today, to make a deal, and we made a deal".

Trump said the talks would "resolve" both the hefty tariffs the USA had placed on imports of steel and aluminum from the European Union and the tariffs Europe had slapped on U.S. goods in response.

Trump also said "We're starting the negotiation right now, but we both know every much where it's going".

"We had a big day, very big", Trump said during a press conference with Juncker.

Updated 4:52 p.m. |President Donald Trump and European Commission President Jean-Claude Juncker announced a plan to - perhaps - end the trade conflict between America and some of its oldest allies.

More news: Trump administration plans $12 billion bailout for USA farmers hurt by tariffs

Washington Post: "Five myths about tariffs" - "President Trump's decision to impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports, followed by his plan to hit China with $60 billion in tariffs, appears to augur a trade war".

Highlighting the complexity of Wednesday's talks, hours before Trump called for the elimination of all tariffs, he had tweeted that "tariffs are the greatest".

"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".

Juncker's visit comes amid an escalating trade war between the USA and the E.U.in the wake of Trump's decision to slap tariffs on imports of aluminum and steel last month. His words suggested he was open to something resembling the Transatlantic Trade and Investment Partnership, a proposed U.S. -Europe agreement on which negotiations have stopped.

There was an "understanding", the EU's Juncker said, that "as long as we're negotiating, unless one party would stop the negotiations, we will hold off further tariffs [on cars]". Mexican Economy Minister Ildefonso Guajardo, rejecting Trump's suggestion of separate trade deals with Canada and Mexico, said, "The essence of this agreement is trilateral and it will continue being trilateral". After $34 billion in tariffs against China went into effect earlier this month, China responded with its own equivalent tariffs soon after, targeting USA agricultural products including soy, corn, wheat, pork, poultry and more.

Perdue said the farmer assistance program will pay farmers directly for their trade-related losses.

Politicians Tuesday announced that $12 billion would go back to American farmers as form of tariff relief. The U.S. and European Union are now working to resolve their differences over steel and aluminum - but the tariffs are still in place.

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