Trump, Juncker announce deal pulling back from US-EU trade war

Nebraska senators react to $12B plan to assist farmers affected by tariffs

Nebraska senators react to $12B plan to assist farmers affected by tariffs

President Trump welcomed European Commission President Jean-Claude Juncker to the White House on Wednesday for what are likely to be tense discussions over trade and tariffs, with Trump saying the seeking a "level playing field" on trade with the European Union.

They also agreed to increase trade in services and agriculture, including greater U.S. soy bean exports to the EU. The newly-introduced tariffs had a particular impact on the EU-produced steel and aluminum, while US President Trump also suggested introducing a 20% duty on all European imported cars.

The relief package is intended as a temporary boost to farmers as the U.S. and China negotiate over trade issues, officials said.

Senate Foreign Relations Committee chair Bob Corker, a Tennessee Republican, said Trump's tariffs 'are a massive tax increase on American consumers and businesses, and instead of offering welfare to farmers to solve a problem they themselves created, the administration should reverse course and end this incoherent policy'.

Trump tweeted on Tuesday morning, saying "t$3 ariffs are the greatest!" and that other nations would have to negotiate better trade deals with the United States or be hit by additional tariffs.

"We want to further strengthen this trade relationship to the benefit of all American and European citizens", Trump said in a statement delivered from the White House Rose Garden.

European officials had warned before the White House meeting that they would respond to auto tariffs by putting similar duties on $20bn (€17.1bn) of United States goods, including agricultural, hi-tech and other machinery.

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"Auto tariffs are looming unless the European Union buys more USA stuff and does other things Trump demands", he said.

Trump has threatened to impose 25 percent tariffs on auto imports, a move that would hit European carmakers like BMW and Volkswagen VOWG_p.DE hard, as well as Japanese and South Korean vehicle companies. "China made $517 billion on us previous year".

Nebraska Republican Sen. Ben Sasse, a frequent Trump critic, said the president's "trade war" is "cutting the legs out from under farmers and the White House's 'plan" is to spend $12 billion on gold crutches'. The trade disputes are reducing sales of US farm products overseas and sending the prices of those products lower.

President Donald Trump on Wednesday said he struck a deal with European Union officials to avoid a full-blown trade war, causing stocks to soar.

Trump's enthusiasm about Wednesday's trade negotiations are a significant change from remarks he made on Twitter just 24 hours earlier, when declared "tariffs are the greatest". "That's what we really aren't seeing", she said. The two will hold off on further tariffs and the USA will relent on steel and aluminum tariffs.

"Our sense is the dominoes can't start falling until the first one starts falling, but there are so many deals in the air right now that if you're going to redo trade negotiations, you've got to have a beginning point", Lankford said. "We also will resolve the steel and aluminum tariff issues, and we will resolve the retaliatory tariffs". Lost $817 Billion on Trade previous year.

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