Larry Kudlow: Trump tariff talks with European Union boss 'might surprise you'

26 July, 2018, 19:29 | Author: Gerard Cortez
  • Nebraska senators react to $12B plan to assist farmers affected by tariffs

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that the European Union and Canada rejects.

Moments before the joint statement was to start, the White House issued a press release blasting other nations, including the European Union, over tariffs related to agriculture. "We are starting the negotiation right now, but we know where it is going".

Kenny says the collateral damage of the Trump administration's trade war is real.

The deal eases tensions stoked by Trump's threat to impose new tariffs on auto imports.

"That's not free trade, that's fool's trade, that's stupid trade and we don't do that kind of trade anymore", stressed Trump.

The United States earlier this month imposed 25% tariffs on $34 billion worth of Chinese products, drawing a tit-for-tat response from Beijing, which targeted politically sensitive USA agricultural products. "Maybe we can work something out", he said.

And, ahead of Juncker's arrival, Trump's been in full "made in America" mode - flaunting US-made products. "It's a first step". "Only united as Europeans do we have sufficient economic and political weight to effectively represent our interests", he said. "The Trump administration has not left an easy path to walk away from the fights they've created", Alden said.

The truce may prove to be short lived if the two sides can't resolve their differences over trade in vehicles and auto parts.

Trump tells everybody 'be cool' as trade tensions escalate
Senators say the aid package could help short-term , but they're anxious about losing long-term access to export markets. "We have many countries where they have massive barriers and they have massive tariffs, and we have to follow".

Republican senators Tuesday condemned the Trump administration's $12 billion bailout plan for farmers hit by crippling tariffs on their goods.

The Europeans are going to try to channel his appetite for trade war at China, which might actually be productive in certain ways, unlike the squabbles with American allies. A 25 percent tariff on steel and a 10 percent tariff on aluminum were imposed on Canada, Mexico, and the European Union.

The U.S. Department of Agriculture is trying to ease some of farmers' pain during the trade war.

Trump's defence came after his administration announced a plan to provide $12 billion in emergency relief for farmers who have been slammed by the president's trade disputes with China and other countries.

The Alliance of Automobile Manufacturers, a group of major automakers that includes General Motors Co. and Toyota Motor Corp., welcomed the effort to negotiate a solution that will lower trading barriers, rather than increase them.

Juncker came to Washington for a last-ditch bid to avoid US tariffs on cars.

On the South Lawn, Trump walked among a number of products manufactured across the nation, including a Lockheed Martin F-35 aircraft from Maryland, a Ford F-150 pickup truck from MI, a Newmar recreational vehicle from IN and a Ranger speedboat from Arkansas.

He also said they would "resolve the steel and aluminium tariffs", while Mr Juncker said the sides would hold off on any new tariffs while talks proceed. "I'm happy that we agreed to this agreement today". Trump could impose vehicle tariffs on national security grounds once Commerce Secretary Wilbur Ross completes a required investigation, which could come anytime before a deadline by early next year. He added that, "Tariffs are taxes". He said the USA will be making it easier for the E.U.to do so in order to "diversify their energy supply, which they want very much to do".

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