Wednesday, 22 August, 2018


What was settled in the Trump-Europe trade rift?

Trump says ‘drop all tariffs’ with European Union — hours after tweeting ‘tariffs are the greatest’ Trump administration announces $12 billion 'bailout' for farmers
Conrad Doyle | 30 July, 2018, 07:11

Prior to Juncker meeting with Trump, EU Trade Commissioner Cecilia Malmstrom said the trade bloc wanted to reach a settlement with the USA but warned it would not shy away from hitting back at the punitive tariffs placed on certain exports by the Trump administration.

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

The Peterson Institute for International Economics estimates American farmers face 25 percent tariffs on more than $12 billion worth of soybean exports to China.

The moves have been unsettling to members of congress in districts dependent upon manufacturers and farmers affected by the retaliatory tariffs.

Where does this leave other disputes between the USA and its trading partners? We have identified a number of areas on which to work together, work towards zero tariffs on industrial goods.

The punishing United States metals tariffs had angered Washington's major trading partners including the European Union and sparked retaliation against important American exports, spooking global stock markets. "We also will resolve the steel and aluminum tariff issues, and we will resolve retaliatory tariffs".

Rufus Yerxa, the president of the National Foreign Trade Council, which represents exporters said that most of the agreement is matter we were already on the cusp of agreeing on in the T.T.I.P. dialogue before the deal was abandoned after Trump's election.

EU Trade Commissioner Cecilia Malmstrom, who is accompanying Juncker, said the EU is drawing up a list of $20 billion in U.S. products to be targeted for retaliation if the trip fails. Trump has also said he is considering tariffs on imports of automobiles, an action the European Union hopes to head off.

Trump had pressed European leaders hard on trade in recent weeks, including during his meetings with North Atlantic Treaty Organisation allies in Brussels.

While Trump favors free trade, he is using tariffs as leverage to secure better deals for American companies.

She added that she did not think the U.S. proposal to drop tariffs, barriers and subsidies was serious, pointing out that the USA has laws, such as the Buy American Act, protecting its industries and agricultural policies supporting its farmers.

"But one thing is sure: if the USA imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt".

"President Trump is sticking taxpayers with the bill for his failed trade war", Sen. The U.S. and European Union are now working to resolve their differences over steel and aluminum - but the tariffs are still in place. "It means that they are competitive", Trump told Glor.

He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totalled 335 billion dollars (£254 billion).

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