European Union gears up for revenge tariffs on $20B of U.S. goods

Trump says ‘drop all tariffs’ with European Union — hours after tweeting ‘tariffs are the greatest’

Trump says ‘drop all tariffs’ with European Union — hours after tweeting ‘tariffs are the greatest’

Top European Union officials have warned they are ready to put tariffs on 20 billion dollars (£15 billion) of American goods if Donald Trump puts duties on vehicle imports, ahead of talks with the U.S. president.

Trump said he expected "something very positive to take place" during the White House talks - after sending a series of tweets blasting Europe for unfair treatment of USA exports.

Trump told workers gathered at U.S. Steel's Granite City Works' Steel Coil Warehouse that other countries were able to target U.S. workers and companies and steal U.S. intellectual property.

As recent as Wednesday morning, Mr. Trump slammed leadership in his own country, calling out "weak politicians" who are pleading with the administration to end existing tariffs on USA allies out of concern for their constituents.

"We should talk about reducing tariffs instead of increasing them", Mr Juncker said, as Mr Trump nodded.

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.

Trump, who invited several members of Congress to his announcement in the Rose Garden, has been under pressure for his trade policy from both Republicans and Democrats because of the impact tariffs have had on soybean farmers, pork producers and other exporters.

Malmstrom said the next potential round of European Union tariffs would not target specific USA states.

"While we are working on this, we will not go against the spirit of this agreement unless either party terminates the negotiation", he said in a joint press conference with Juncker.

"We will also work to reduce barriers and increase trade and services, chemicals, pharmaceuticals, medical products as well as soybeans", Trump said. "Hope they do it, we are ready - but they won't!"

G20 ministers call for greater dialogue on trade tensions
G20 ministers call for greater dialogue on trade tensions

To help reduce some of the pain inflicted by a burgeoning trade war between the US and its traditional economic allies, the Trump administration on Tuesday announced an aid package worth $12 billion for farmers who've been hurt by the tariffs. "Maybe we can work something out", he said.

President Donald Trump and European leaders pulled back from the brink of a trade war over autos Wednesday and agreed to open talks to resolve a dispute over steel and to tear down trade barriers between the United States and the European Union.

"America and Europe are not opponents.We are partners and allies with common values and interests", Maas said, adding it was good that the two would also work on unfair trade practices and on a reform of the World Trade Organisation.

In two tweets Trump contradicts his own administration's stated national security justification for steel and aluminum tariffs, saying tariffs are imposed on countries who don't negotiate fair deals with the U.S.

"The relations are very tense, are at a very low point", Danae Kyriakopoulou, the chief economist at the London-based think tank OMFIF told CNBC Tuesday, citing ongoing tensions over defense spending for the North Atlantic Treaty Organisation alliance, climate change policy and the recently-applied fine on Google by the European Commission.

"I can't think of another time when you had as many battles and particularly as many battles with no resolution in sight", said Edward Alden, senior fellow at the Council on Foreign Relations.

President Donald Trump announced Wednesday that the US and the European Union have agreed to work to resolve the thorny issue of tariffs on steel and aluminum. That has prompted retaliatory action from countries that farmers and others worry will hurt their bottom lines.

The administration has so far downplayed the impact of Trump's ratcheting up of trade tensions on United States producers by emphasizing the long-term benefits of his efforts to even out United States trade relationships. Also pictured, from right, is Treasury Secretary Steven Mnuchin and Commerce Secretary Commerce Wilbur Ross.

The biggest exporter of American-made cars is a German company - BMW, through its plant in Spartanburg, South Carolina.

Iran nuclear deal: 'Obama administration did the best they could'
U.S. attempts to block Iranian oil exports will not be left unanswered, Foreign Ministry Spokesman Bahram Qassemi added. Analysts say activists inside Iran see a connection between the global tensions and the worsening economics.

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