stayontheblack.com

Business

‘First-time’ kiss with Trump caught EU’s Juncker by surprise

US President Donald Trump and European Commission chief Jean Claude Juncker seen here after White House talks have moved to defuse trade row

In what the European Union chief called a "major concession", US President Donald Trump agreed on Wednesday to refrain from imposing vehicle tariffs while the two sides launch negotiations to cut other trade barriers, easing the threat of a transatlantic trade war.

At the start of this month, China retaliated against Trump by imposing its own 25 per cent tariffs on key USA products, primarily made in the Midwest states most loyal to the President.

I said, 'Okay. Good.

The agreements come in the wake of heightened tensions between the United States and EU. The sides will also work to resolve USA tariffs on steel and aluminum which are hitting the European markets hard. We paid $1.5 billion in duties on Chinese footwear past year alone.

"In terms of auto tariffs, we've been directed by the president to continue the investigation, get our material together but not actually implement anything pending the outcome of the negotiation", Ross said.

Republican senator Ron Johnson voiced the views of free traders in Trump's party, saying: "This is becoming more and more like a Soviet-type of economy here: commissars deciding who's going to be granted waivers, commissars in the administration figuring out how they're going to sprinkle around benefits". Trump is well-known for his distaste for lengthy documents, and is said to prefer single-page memos when deciding on policy.

USA soybean exporters have been looking to expand sales in markets such as the European Union after top buyer China imposed tariffs as part of a trade dispute with Washington.

Texas alone has billions of dollars in exports covered by payback tariffs, with a large chunk of that retaliation coming on critical crops like cotton, grain sorghum and soybeans.

The pair agreed to work towards lowering trade barriers, meaning zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods.

He has long complained that the WTO has been unfair to the United States, despite the fact the USA has won most of the disputes against China and others.

The Peterson Institute for International Economics estimates American farmers face 25 percent tariffs on more than $12 billion worth of soybean exports to China.

"The Spanish don't believe in unilateralism or that a specific economy imposes its policies and criteria in global trade", said Sanchez. "We will always keep dialogue open", he also said at the CSIS.

Trump said Europe agreed to increase purchases of USA liquefied natural gas and lower trade barriers to American soybeans, aiding United States farmers and the energy sector.

European Commission President Jean-Claude Juncker.

Trump hailed "a new phase" of trade relations.

General Motors has told the commerce department that, despite Trump's assertion that tariffs would help American companies and American workers, it expects tariffs to result in "less investment, fewer jobs and lower wages". "On and on and on - the deregulation, and now the trade", she said.

France was one of the countries to immediately demand clarification after the talks, citing comments from Trump that the agreement would open up new markets for USA farmers.

Mr Juncker added he had travelled to Washington with "the intention to make a deal today and we made a deal today".