Did We Just Dodge a Trade War With Europe? - Hit & Run

Jean-Claude Juncker and Donald Trump

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"We're starting the negotiation right now, but we know very much where it's going".

Today's agreement specifically deals only with "non-auto industrial goods" but Juncker and his team have been hammering the point that they hope/expect that no further tariffs will be imposed by either side so long as negotiations are ongoing.

Trump added they would try to "resolve" steel and aluminum tariffs he imposed earlier this year and retaliatory duties the European Union levied in response.

In response to the U.S. 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.

The White House will open its doors for the president of the European Commission Wednesday, with relations looking strained amid tariffs and the possibility of an all-out trade war.

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They also agreed to increase trade in services and agriculture, including greater United States soy bean exports to the EU.

Last month, the U.S. president slapped tariffs on steel and aluminium imports to prompt tit-for-tat measures by Brussels, including tariffs on tobacco, Harley Davidson motorcycles, cranberries and peanut butter.

He's a pro-Trump lawmaker, but he's also a vehicle dealer, and the auto industry is losing sleep over Trump's steel and aluminum tariffs, and the potential the administration has raised for more auto-related tariffs.

USA export prices for soybeans are at least $20 a tonne cheaper than from Brazil for August delivery in northern Europe, traders said.

"So trump got it way ... wow ... so he slaps tariffs on them and they come to the table to negotiate ... wow".

Republican Senator Ben Sasse, a frequent Trump critic, said the president's trade policies recalled a past of perilous economic instability. "We have a number of areas on which to work together", he said.

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The United States exported $138 billion in agriculture products in 2017, including $21.5 billion of soybeans, the most valuable export.

Trump also took to Twitter to comment on the meeting. But those tariffs covered about $3 billion in goods and would pale in comparison with possible 25 per cent tariffs on imports of cars, trucks and auto parts.

President Donald Trump on Wednesday sought to assure farmers that he has their back, as some begin to feel the effects of the escalating trade war with China.

European farmers, which are not major soybean producers, do not need to worry about competition from the United States, he said.

And he announced the European Union had agreed to ease restrictions on American exports of liquefied natural gas and soybeans to Europe. During a recent European trip, Mr Trump referred to the EU as a "foe" over "what they do to us in trade".

Won Jung-hwan has more.

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