Trump tells everybody 'be cool' as trade tensions escalate

25 July, 2018, 23:50 | Author: Gerard Cortez
  • 'Making America 1929 Again': GOP Sen. Sasse Rips Trump on Tariffs, Planned Farmer 'Bailout'

"We have many countries where they have massive barriers and they have massive tariffs, and we have to follow".

Trump has repeatedly complained about the EU's 10% tariff on imported vehicles.

European Union Commission President Jean-Claude Juncker (zhahn-KLOHD' YUN'-kur) is telling President Donald Trump that the E.U. and USA are partners and allies, "not enemies", and must work together at the start of trade negotiations between the two major economies.

In response to the US metals tariffs, the European Union has already imposed its own import duties on 2.8 billion euros ($3.3 billion) worth of USA goods, including products like bourbon and motorcycles that are made in some of the electoral districts that supported Trump in the 2016 US election.

Trump, speaking to reporters with Juncker seated next to him in the Oval Office, said "hopefully we can work something out" on fairer trade with Europe.

"In this way, we want to avoid a further escalation of the trade conflict, and to avoid a trade war", he told German broadcaster Deutschlandfunk.

"The action that I'd like to see is resolving this tariff fight and moving forward with trade opportunities, " said Sen.

Senators say the aid package could help short-term, but they're anxious about losing long-term access to export markets. Ben Sasse and Sen. And Sen. Bob Corker (R-Tenn.), who has written legislation to remove some of Trump's unilateral power to impose tariffs, said the administration created a problem it is now having to throw money at to fix. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that past year totaled $335 billion.

"This is a short-term solution that will give President Trump and his administration the time to work on long-term trade deals", said Agriculture Secretary Sonny Perdue as administration officials argued that the plan was not a "bailout" of the nation's farmers.

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Responding to farm groups and Republican criticism on Capitol Hill, the administration has been working for months on a plan to shore up slipping prices for soybeans, pork and other crops hit with retaliatory tariffs from China. That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement.

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The U.S. Agriculture Department's action highlights the ongoing toll of Trump's trade actions, particularly now that China and others have retaliated against the president's tariffs on imported metals and other goods by imposing levies aimed largely at America's agricultural community. Officials said the direct payments could help producers of soybeans, which have been hit hard by retaliation to the Trump tariffs, along with sorghum, corn, wheat, cotton, dairy and farmers raising hogs.

"The current worldwide order is not ideal", the Chinese president said.

"It does not make any sense to me as an economist", says Ohio State University professor Ian Sheldon, predicting the action will distort global commodity markets and possibly trigger a dispute filing at the World Trade Organization. I don't fault the President for trying to get a better deal for Americans, but it's not fair to expect farmers to bear the brunt of retaliation for the entire country in the meantime. He added that, "Tariffs are taxes".

Their meeting will focus on "a wide range of priorities, including foreign and security policy, counterterrorism, energy security and economic growth", according to the White House.

But the US President made it clear he would try to keep reciprocal trade with allies at a minimum.

"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. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs", Mr. Trump wrote. "It's as simple as that".

It followed earlier tweets saying "Tariffs are the greatest!" and claiming the U.S. had been "the piggy bank that's being robbed".

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