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Soybean farmers anxious, even with $12B in aid, and European Union promises

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In addition, Trump has told the Commerce Department to investigate whether imported autos and auto parts threaten America's national security-the same justification the president invoked to impose tariffs on steel and aluminum.

In addition, the US runs a trade deficit with the EU, which means Americans buy more stuff from the Europeans than vice versa.

In an interview with CNBC that aired Friday morning, Trump renewed his threat to ultimately slap tariffs on a total of $500 billion of imports from China-roughly equal to all the goods Beijing ships annually to the United States. And while the continent has largely been sheltered from direct U.S. sanctions thus far, Trump's impact is being felt hardest in South Africa, where 25% steel and 10% aluminium tariffs were imposed earlier this year.

One key aspect of the agreement, according to the official who spoke on condition of anonymity, was that the two sides had agreed to work together to tackle China's market abuses.

Farmers have protested Trump's economic moves against China, saying Chinese retaliatory tariffs are hurting prices for soybeans, pork and other agricultural products.

Trump has announced a series of punitive tariffs on Chinese imports in a bid to halt a Chinese surge in high-technology industries that threatens to displace USA dominance. The company has said that it would be unable to "completely absorb" a 25 percent Chinese tariff on imported USA -made models.

On the NAFTA talks with Mexico and Canada, Mnuchin said he was "hopeful that we'll have an agreement in principal in the near future".

Trump has taken a hard stance on trade, supporting US made goods since he's taken office but ironically many items he's sold over the years through his multiple business ventures weren't American made, including Trump's vodka, shirts, ties, suits and eyeglasses.

He's a pro-Trump lawmaker, but he's also a vehicle dealer, and the auto industry is losing sleep over Trump's steel and aluminum tariffs, and the potential the administration has raised for more auto-related tariffs.

But U.S. Trade Representative Robert Lighthizer told a Senate committee Thursday that "we are negotiating about agriculture, period". In Europe, alarm bells have been sounded over China's growing economic influence there.

Leonard claimed the Chinese see Trump as the "first USA president for more than 40 years to bash China on three fronts simultaneously: trade, military and ideology". "I'm very exasperated. This is serious".

"If the trade war escalates we are more concerned about the consequences that it can have on global macro environment", STMicro said, adding that the direct impact of trade war risks were now negligible.

Since taking office past year, Trump has implemented policies to restrict what he sees as unfair competition from other countries.

There's also the question of whether the Europeans can take the Trump administration at its word.

After Trump imposed tariffs on $34 billion worth of Chinese goods, China responded with retaliatory tariffs on USA products, including soybeans.

Trump said US Steel Corporation will be opening seven new mills.

When asked about the $12 billion in aid offered to US farmers last week, Adams County Farm Bureau President Rick Edwards didn't hesitate.

On Wednesday, he and European Commission President Jean-Claude Juncker announced a cease-fire in their trade war and promised to seek the complete elimination of most trade barriers between the United States and the European Union.

"I think he's trying to fix the system", Kudlow said, "and if he does, you're going to have even greater prosperity".

That said, the key problem in the European Union is that different nations are displaying different levels of interest in a trade fight with Trump, making it hard to take advantage of its inherent economic heft and act in unison. He vowed to take action against China during his campaign for the USA presidential elections regarding China's intellectual property theft and the massive trade deficit that the U.S. holds against Chinese products. Because China is the continent's largest trading partner - it purchased some $75.26bn of goods from Africa in 2017, a rise of 32.8% in a year - Africa's commodity-reliant exporters remain uniquely sensitive to the vagaries of the Chinese economy, which the International Monetary Fund expects to grow at a reduced rate of 6.6% this year. And the longer it takes for a more permanent deal to be negotiated, the more time China has to identify and invest in alternative soybean sources.