Trump and European Union come to vague agreement to reduce trade tensions
- Author: Tracy Klein Jul 26, 2018,
Jul 26, 2018, 7:28
Some Republicans in farm states quickly dismissed the plan, declaring that farmers want markets for their crops, not payoffs for lost sales and lower prices.
He notes that countries "that have treated us unfairly on trade for years" are coming to Washington to negotiate.
European countries have the highest subsidies with Iceland, Norway and Switzerland providing more than 50 per cent of their farm income as government support measures while the USA provided almost eight per cent. They made $151 billion previous year, our trade deficit with the European Union. No weakness!' Trump wrote in the first of a pair of tweets Wednesday morning.
"When you have people snipping at your heels during a negotiation, it will only take longer to make a deal, and the deal will never be as good as it could have been with unity".
"I anticipate if negotiations ever happen - could just be soft words and diplomacy without followup or real commitment - it will be a complex negotiation process in which European member states will have to weight in as well as the EU Council". The end result will be worth it!'
Derek Sandison, director of the Washington Department of Agriculture said it's too early to tell how the program could help Washington farmers.
What's the impact of the tariffs?
The food purchased from farmers would include some types of fruits, nuts, rice, legumes, dairy products, beef and pork, officials said. Pat RobertsCharles (Pat) Patrick RobertsSenate farm bill is lesser of two evils GOP senators introduce resolution endorsing ICE Senate passes mammoth farm bill MORE (R-Ks.) said.
He has long complained that the WTO has been unfair to the United States, despite the fact the U.S. has won most of the disputes against China and others.
Trump added they would try to "resolve" steel and aluminum tariffs he imposed earlier this year and retaliatory duties the European Union levied in response.
The late-afternoon news that the meeting had eased transatlantic trade tensions fed a powerful late rally on Wall Street.
All this comes after President Trump's administrator slapped tariffs on $34 billion in Chinese goods. We were being nice - until now! The administration did not need congressional approval for the aid package because they are allowed to take it from the U.S. Treasury under the Commodity Credit Corporation, a Department of Agriculture agency created in 1933.
"If he continues to demand tariff increases as he has been, or if he continues to agree with those who are against China, I definitely would not be able to accept (more orders)", she said. Ben Sasse, a Republican, criticized what he called a bailout, and the administration's underlying trade policy. The escalating trade war and tariffs on steel and aluminum had put pressure on auto company earnings.
"The aim of this visit is to cool down the situation and prevent an escalation of the trade conflict", European Commission for Trade Cecilia Malmstrom, who will accompany Mr. Juncker at a bilateral meeting at the White House, told Swedish newspaper Dagens Nyheter.
"We gotta fight it", he said, referring to "disaster" trade deals.
"I think everybody sort of changed what they were going to say", said Sen.
The leaders pledged to expand European imports of USA liquefied natural gas and soybeans and both vowed to lower industrial tariffs, excluding autos.