Concerns linger in Europe after US-EU trade truce

Concerns linger in Europe after US-EU trade truce

Concerns linger in Europe after US-EU trade truce

Amid growing pressure on the USA president from business groups, lawmakers in his own party and their constituents, Malmstrom, the EU's top trade official, warned earlier on Wednesday that if the Trump administration does not back off the threat of auto tariffs, Europe will slap import taxes on US$20 billion in U.S. goods, primarily agricultural products.

"We're starting the negotiation right now but we know very much where it's going", the president said.

The American Farm Bureau, local trade associations, and groups representing soybean, cotton, sorghum, milk, and pork producers issued statements after the Department of Agriculture announced the $12 billion farm aid program.

During the visit Europe pledged to buy billions of exports from the United States for a stay of execution on auto tariffs. "It's good that there's now increasing recognition of the fact that the USA can only be strong if it has strong partnerships". After nearly three hours of talks, Trump said he wanted to hold a joint press conference with Juncker to announce the good news.

Trump said. "Hope they do it, we are ready - but they won't!" he said.

The two sides said they would seek to resolve a dispute over steel and aluminum.

Trump added: "We agree today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods". "This was a big day for free and fair trade!"

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"President Juncker made it very clear that he meant to help us, President Trump, on the China problem", Kudlow said in an interview on the Fox Business Network.

EU Trade Commissioner Cecilia Malmstrom, who accompanied Juncker, hailed the agreement and said on Twitter that she "will be working hard to take this work forward the coming months".

The U.S. administration got more out of a trade deal with the European Union than it had expected and the two will work together to deal with China's market abuses, a top White House official told Reuters on Thursday. The EU has a huge stake in the U.S. industry, where European companies produce nearly three million cars a year, accounting for over a quarter of production in the United States. The US has put tariffs on Canada, Mexico and China, with each of those nations slapping retaliatory tariffs on American goods.

Trump also secured an agreement with Europe to buy more liquified natural gas from the United States. "Any trade deal must be based on reciprocity", he said in remarks distributed by his office.

Washington has since threatened tariffs on another $200 billion in Chinese exports, then upped that to $500 billion, prompting Beijing to vow further retaliation.

Prices of steel have been buoyed by a 25% tariff on the metal. The Trump administration has made LNG exports a priority, arguing that they help the economy and enhance geopolitical stability in countries that purchase USA gas.

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