Published: Sat, July 28, 2018
Money | By Bruce West

Trump greets European Union chief, says USA seeks 'level playing field' on trade

Trump greets European Union chief, says USA seeks 'level playing field' on trade

Trump said during a roundtable discussion at Northeast Iowa Community College that his White House meetings Wednesday with the European Union had helped the two sides avoid a trade dispute and would open up new markets for American agriculture. Trump wrote in a Wednesday morning tweet.

Finally, a Trade Promotion Program will be implemented, which will aim to assist in developing new export markets for USA agricultural products.

The outcome seemed a victory for Trump, who had assured supporters that his confrontational trade strategy would bear fruit, and who appears to have conceded little in the talks with the EU.

The two leaders also said they would work toward "zero" tariffs on industrial goods, according to Trump.

Though he declined to say whether he supports the policy, Hoeven predicted it would make "darn clear to the people we're negotiating with that we intend to get better trade deals".

Trump told CNBC on Friday he was ready to impose tariffs on all US$500 billion (RM2.03 trillion) of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets. "That's our job", Juncker added.

The finance ministers for Mexico and Canada said yesterday they were optimistic about Nafta talks with the United States, even as trade tensions spurred by U.S. tariffs dominated the G20 meeting of world economic leaders in Argentina.

He has long complained that the WTO has been unfair to the United States despite the fact the US has won most of the disputes against China and others. "If not, the EU Commission is preparing a rather long list of many American goods", she told Swedish newspaper Dagens Nyheter. As for how farmers can apply for assistance, those details are still being worked out.

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

Trump announced that the European Union will be buying "a lot more" soybeans from the USA, and that Brussels and Washington will work to eliminate tariffs, barriers and subsidies on "non-auto industrial goods".

Export statistics for May showed a surge of stockpiling of United States goods by Chinese importers, particularly crude oil and soybeans, as they raced to buy before Beijing's retaliatory tariffs took effect, driving up costs.

The Trump administration has threatened new tariffs, and the president is reportedly considering up to a 25 percent tariff on automobile imports - one that could spark more retaliation and affect already hard-hit communities in vehicle manufacturing hubs like Michigan, Ohio and Kentucky.

Tariffs threaten more than $3.8 billion in IL exports, according to the U.S. Chamber of Commerce, and major companies including Caterpillar and Boeing already have been negatively affected.

The negotiations at the White House came as Trump has touched off a series of trade disputes with global trading partners, including China, whom he accused earlier Wednesday of employing "vicious" tactics aimed at hurting American farmers.

"We will also work to reduce barriers and increase trade and services, chemicals, pharmaceuticals, medical products as well as soybeans", Trump said. Chuck Grassley, a longtime pro-Trump stalwart, had his doubts while calling the bailout money 'encouraging for the short term'.

US farmers are expected to grow 14.2 billion bushels of corn this year and 4.3 billion bushels of soybeans, down some from last year but still huge crops.

"We are heading in the wrong direction, and we seem to be speeding up".

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