House Republicans 'Flood' Trump Administration With Concerns Over Tariffs
30 July, 2018, 07:15 | Author: Salvatore Jensen
Juncker, the president of the European Commission, and top EU trade official Cecilia Malmstrom agreed to work with the United States to lower industrial tariffs on both sides and increase US exports of liquefied natural gas and soybeans to Europe, the official said, according to the report.
Trump also said the European Union had agreed to buy "a lot of soybeans" and increase its imports of liquefied natural gas from the U.S. And the two agreed to resolve a dispute over U.S. tariffs on steel and aluminum.
U.S. trade officials will immediately focus on resolving steel and aluminum tariff issues with the European Union, while a broader trade agreement between the parties likely rolls out in stages over the next year, U.S. Treasury Secretary Steven Mnuchin said on Thursday. "We can also do stupid". The Europeans also agreed to import more USA soybeans.
Whatever progress was achieved Wednesday could provide some relief for US automakers.
U.S. Steel has credited Trump's decision to impose tariffs on steel and aluminum imports for its decision in March to fire up a local furnace that had sat idle for more than two years. General Motors had slashed its outlook, and shares of Ford Motor Co. and auto parts companies had fallen. "And we made a deal today".
With a White House that frequently changes course, and on the spur of a moment, economic analysts hesitated to cast any definitive judgement on the Trump-Juncker detent. "You're not going to be too angry with Trump, I can tell you", the president said at the workforce development event, where he was joined by two Iowa Republicans, Gov. Kim Reynolds and Rep. Rod Blum.
The Agriculture Department said it would tap an existing programme to provide 12 billion dollars in direct payments to farmers and ranchers hurt by foreign retaliation to Mr Trump's tariffs and other assistance, such as the purchase of excess crops. Trump is on Thursday visiting Granite City Works, an IL plant owned by US Steel that announced last month tariffs allowed it to increase production.
Lawmakers said they still needed to see details of the agreement with the European Union as well as progress on the other deals. "We said, 'We haven't seen it yet, because your people are still negotiating among themselves'".
Mr Trump has threatened to place penalty taxes on up to 500 billion (£380 billion) in products imported from China, a move that would dramatically ratchet up the stakes in the trade dispute involving the globe's biggest economies.
As Trump keeps escalating the trade dispute, China is now playing down its "Made in China 2025"-an important plan of the country to become a tech superpower in 10 hi-tech areas-by ordering state media to minimize their coverage of it".
Trump backed off from his threat to slap hefty tariffs on automotive imports as part of the agreement.
But winners from the trade war have been few and far between, especially in the Midwest.
Here's a look at what Trump-Juncker meeting achieved - and what it didn't. Last week, Trump said he was ready to impose a "tremendous retribution" against the EU.
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Trump later tweeted that work on documents was "moving along quickly", adding that the meeting with Juncker had "great warmth". Trump agreed: "I think if we could have no tariffs and no barriers and no subsidies, then the USA would be very pleased".
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