Trump, Juncker agree on 'new phase' of EU-US relations

Kenny Grant
July 28, 2018

President Donald Trump and European Commission President Jean-Claude Juncker agreed to suspend new tariffs while negotiating over trade, pulling the us and Europe back from the edge of a transatlantic trade war.

A pan-European Business Confederation on Thursday applauded the trade relations agreement.

And it didn't begin to address other Trump-led trade conflicts, notably with China, that have already hurt many USA companies.

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Veteran farmer Ron Heck, who produces 100,000 bushels of soybeans a year on his family farm in central Iowa, likes President Trump's big-picture plans to negotiate a fair trade deal with China that would improve market access and lower export fees.

But they are made in eastern China and soon could be hit by punitive tariffs of Trump's own making as he ratchets up a rancorous trade dispute with Beijing.

"We had a big day, very big", Trump said during a press conference with Juncker. The step came in response to an earlier decision by the White House to impose 25 and 10 percent tariffs on steel and aluminum imports to the United States from Europe.

At a meeting in Washington on Wednesday, Juncker and Trump agreed the United States would hold back on threats to apply tariffs on the auto sector as the two sides conduct negotiations.

That approach bore fruit on July 25 when Trump and European Commission President Jean-Claude Juncker announced an agreement to work toward a trade deal with zero tariffs, zero trade barriers, and zero trade subsidies.

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The EU will buy USA soybeans and natural gas from the U.S. with levies on steel and aluminium imports to remain in place in the wake of the visit.

Besides zero tariffs and non-tariff barriers, Juncker and Trump agreed to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products. However, this issue was not included in the joint communique because the U.S. argues it is "trade defence measure".

In addition, the USA runs a trade deficit with the EU, which means Americans buy more stuff from the Europeans than vice versa. "So we're going to try to do it much faster". "This is a real vindication of the president's trade policy", he said.

The daily reports that on the whole, Trump ditched his argumentative approach, which he used during the G7 and North Atlantic Treaty Organisation summits; instead, he was "charming, well-briefed" and "made an effort" to reach a deal. Both the US and the European Union charge that Chinese companies steal company secrets. Work on documents has already started and the process is moving along quickly.

"U.S. and European Union will be allied in the fight against China, which has broken the world trading system", Kudlow said".

"The US and European Union will be allied in the fight against China, which has broken the world trading system, in effect". "Pressure has a sort of learning effect on Donald Trump".

The commission chief even risked saying that Trump had made "a major concession" on tariffs, testing the president's thin skin, the Reuters news agency reported. Jobs there mean dozens more at steel-processing plants throughout the city that bend, cut, coat or reshape the raw product, said James Amos, Granite City's economic development director.

On the North American Free Trade Agreement talks with Canada and Mexico, Treasury Secretary Steve Mnuchin said he was "hopeful that we'll have an agreement in principal in the near future". One-third of USA soybeans, the country's second largest crop by a wide margin, are sold in China.

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