Europe Gives US-EU Trade Reprieve a Measured Welcome

Europe Gives US-EU Trade Reprieve a Measured Welcome

The tweet from Donald Trump that followed his meeting with European Commission President Jean-Claude Juncker was benevolent in tone, unlike after the G7 summit or the latest North Atlantic Treaty Organisation meeting.

On July 24, the Department of Agriculture announced a plan to give $12 billion in aid to USA farmers hit by retaliatory worldwide tariffs on American produce, grain and meat exports.

The moves have been unsettling to members of congress in districts dependent upon manufacturers and farmers affected by the retaliatory tariffs. Turning a page, agreed to facilitate trade between us, looking at zero tariffs on industrial goods, energy and regulatory cooperation. The same official said that agricultural products were outside the talks between Juncker and Trump, directly contradicting comments from Treasury Secretary Wilbur Ross, who said Tuesday that "all agricultural products are something that will be discussed".

European trading partners, already incensed by US President Donald Trump's tariffs on steel and aluminum, sent the delegation of high-ranking officials, which also included EU trade commissioner Cecilia Malmstrom, in an effort to fend off a further escalation in the form of auto tariffs.

Treasury Secretary Steven Mnuchin said Thursday addressing steel and aluminum tariffs and counter tariffs would be covered in the first phase of talks between the USA and the EU.

According to Wall Street Journal, the key elements of the agreements reflect the offers developed by European Union officials two months ago in hopes that Trump would not introduce tariffs on steel and aluminum import from the EU.

"And we made a deal today", Juncker said.

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That would finally be called Free Market and Fair Trade! The daily reports that the European Union leaders had agreed to this move back in May, even though USA gas is as much as 20% more expensive than Russian gas delivered to the EU.

According to a report from the U.S. Chamber of Commerce, 401,000 Oklahoma jobs are supported by trade, and roughly $208 million in state exports are threatened by the new tariffs.

Earlier, Mr Trump accused China of "vicious" tactics on trade.

Trump will meet with steelworkers in Granite City, Illinois, where U.S. Steel recently announced it was firing up a furnace that had been idled for more than two years.

Mr. Trump also won a commitment to work together to reform the World Trade Organization to address some of his complaints about China on theft of USA technology, the behavior of state-owned enterprises, and overcapacity in steel. But those tariffs covered about $3 billion in goods and would pale in comparison with possible 25 per cent tariffs on imports of cars, trucks and auto parts.

The tariffs came in response to $34 billion worth of duties the Trump administration placed on Chinese products.

Critics of the agreement were especially miffed that existing steel and aluminium tariffs will remain in place despite the White House meeting. "It means that they are competitive", Trump told Glor.

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