EU Announce a Truce in Trade War

EU Announce a Truce in Trade War

EU Announce a Truce in Trade War

"That's pretty big when you consider that 85 percent of our fruits and vegetables go to the NAFTA countries", Rotz said.

But Juncker said they had agreed not to impose any new tariffs while talks were taking place.

Trump tweeted earlier Tuesday that trade partners must either negotiate a fair deal or pay tariffs.

Trump said they'll work to resolve the steel and aluminum tariff issues, calling it "a new phase in the relationship" between the US and the European Union, and "a very big day for free and fair trade".

After a meeting with Juncker at the White House on Wednesday, Trump agreed to refrain from imposing vehicle tariffs while they start talks on cutting other trade barriers.

G20 ministers call for greater dialogue on trade tensions
G20 ministers call for greater dialogue on trade tensions

While Beijing courted Europe to take its side against the U.S. on the trade front during high-level meetings earlier this month, Europe continues to share United States concerns about Chinese industrial policies such as its "Made in China 2025" plan to leapfrog into a technological superpower, said Julian Evans-Pritchard, senior China economist at London consultancy Capital Economics.

"This is a short-term solution that will give President Trump and his administration the time to work on long-term trade deals", said Agriculture Secretary Sonny Perdue as administration officials argued that the plan was not a "bailout" of the nation's farmers.

While the United States president can claim his aggressive approach is working, consumers, farmers and businesses are feeling the pain from the retaliatory measures imposed to counter the raft of USA tariffs on steel, aluminum, and tens of billions of dollars in products from China put in place in recent weeks.

Senators say the aid package could help short-term, but they're anxious about losing long-term access to export markets.

"The word that we got from staff was, as it was coming together, [Trump] was saying, 'OK, what's the next meeting?'" Sen.

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Sen. Bob Corker of Tennessee says, "Instead of offering welfare to farmers" to solve a problem the administration created, it "should reverse course and end this incoherent policy".

CCC-funded programs are defined as mandatory spending that don't require congressional appropriation, CRS said. A new WTO report showed global trade covered by measures to restrict imports reached $84.5 billion in May as compared to $79 billion in October, with 75 new actions imposed in that time period.

"What I want to see the office of the U.S. Trade Representative sitting down with representatives from all our trade partners all over the world with constructive conversation".

The moves have been unsettling to lawmakers with districts dependent upon manufacturers and farmers affected by the retaliatory tariffs. That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement. On Tuesday, his administration said it would use a Depression-era program to pay farmers up to $12bn, easing the pain for a politically important Trump constituency. But Trump tweeted Wednesday urged concerned parties to "be cool".

The aid is meant to protect the industry as countries raise taxes on U.S. products such as soybeans in response to the president's new tariffs. After Beijing imposed tariffs on $34 billion worth of American goods, Trump threatened to impose tariffs on $500 billion worth of Chinese products.

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European Commission spokesperson Kinga Malinowska said that Juncker had not yet made any concessions.

Earlier in an Oval Office photo op, Juncker said the USA and European Union were "allies, not enemies", a rebuff of Trump's recent comments, in which he labeled the European Union a "foe".

Juncker visited Washington on Wednesday to talk trade with Trump, who insisted on reciprocal trade relations with the EU.

"We just want it to be a level playing field for our farmers, for our manufacturers, for everybody", Trump said, suggesting the European Union could also be a "big beneficiary" of a revised trading agreement.

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Partly cloudy and cooler Thursday with highs in the upper 70s to lower 80s. Rain totals for many could range from 5 to 10 inches since last weekend.

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