Juncker seeks to avoid auto tariffs in Trump meeting

26 July, 2018, 02:16 | Author: Elaine Woods
  • EUR  USD Advances as Trump Secures Concessions from EU to Avoid Trade War

But at home, Mr Trump is facing increasing criticism as consumers, farmers and businesses are taking a hit from the retaliation to the raft of USA tariffs on steel, aluminium, and tens of billions of dollars in products from China that he has imposed in recent weeks.

Through a series of aggressive tariff announcements, the president is fomenting a series of spats with China, the European Union, Canada and other trading partners. "They sound nice, but they're rough".

Many farmers remain critical of President Donald Trump's tariffs and the damage done to commodity prices and markets but were appreciative Tuesday that he offered to provide some cash to help offset their losses.

"However, our concerns still lie in a lengthy trade war that will cause long-term, irreparable harm to US agriculture", the statement reads.

And in a pre-dawn tweet, he said, "Tariffs are the greatest!".

"This is a short-term solution to allow President Trump time to work on long-term trade deals to benefit agriculture and the entire United States economy", Agriculture Secretary Sonny Perdue said. Beijing retaliated with tariffs of its own on $34 billion worth of American goods, including soybeans.

"We will continue to respond toe-to-toe to provocations", Mr Juncker warned.

President Trump is scheduled to hold talk in Washington on July 25 with President of the European Commission Jean Claude Juncker.

"We're hoping that other countries will see that we're serious now about trade negotiations", Ibach said.

American farmers depend on being able to sell overseas, and tariffs make what they produce more expensive.

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Zippy Duvall, president of the American Farm Bureau Federation, said the $12 billion package provides a welcome measure of temporary relief, but added they can not overstate the dire consequences that farmers and ranchers are facing with lost export markets.

The proposal to stabilize farmers, some of whom have watched prices tumble amid ongoing trade disputes, is a recognition that Trump's tariffs are having a short-term impact on the agriculture sector heading into the elections and also that there is no clear end in sight to escalating trade battles. The frequent Trump critic and 2016 rival for the GOP presidential nomination spoke as the 12-day Ohio State Fair opened in Columbus.

The trade organizations also asked the Trump Administration to rejoin the Trans-Pacific Partnership and finalize negotiations to renew the North America Free Trade Agreement, two agreements "that will have lasting benefits to wheat growers across the country".

He added: "I appreciate the fact that they realize the farmers are being hurt by this, but this is not the right remedy". Both the USA and European Union drop all Tariffs, Barriers and Subsidies!

Speaking at an event in Kansas City Tuesday, Trump said that "farmers will be the biggest beneficiary" of his efforts to secure more favorable trade deals.

Luckily for Trump, he doesn't need Congress to authorize this bailout.

This turmoil over tariffs is just the latest to hit struggling American farmers.

"This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again", he said in a statement.

The moves have been unsettling to lawmakers with districts dependent upon manufacturers and farmers affected by the retaliatory tariffs.

Republican Speaker of the House Paul Ryan told reporters Tuesday he does not think "the tariff route is the smart way to go". "End result is, it's going to cost the consumer more".

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