EU Insists Agriculture Not a Part of Trade Truce with Trump

European stocks jump as US and EU agree to work towards 'zero' tariffs

Also on Thursday, Trump's top trade official, Robert Lighthizer, was criticized by Republican and Democratic lawmakers after he told them in a hearing that the administration is not now considering providing federal aid to small businesses, manufacturers or any other sector aside from farmers who might be hurt by the trade war.

"Farmers would prefer not to be subsidized".

A recent CNN poll had a similar finding: 50 percent of US adults disapproved of the president's handling of foreign trade, while only 39 percent approved.

Local downstream manufacturers that rely on steel and now have to pay higher prices for it have suffered - such as Mid Continent Nail Corporation in a nearby Missouri town, for example, which had to lay off more than 100 workers this summer due to the tariffs. These developments show exactly what's wrong with US trade policy toward China. The $2 decrease in soybeans amounts to almost a half billion dollars in lost revenue, the study concluded. The money will go toward purchasing excess crops, making direct payments to farmers, and building new export markets like countries in Europe.

The United States has already imposed tariffs on $34 billion of Chinese imports. China has struck back with duties on soybeans and pork, affecting Midwest farmers in a region of the country that supported the president in his 2016 campaign.

The Trump administration announced Tuesday it is offering up to $12 billion in aid to farmers to help mitigate the retaliatory tariffs stemming from Trump's widening trade feud with other countries.

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U.S. Sen. Pat Toomey, a Lehigh County Republican, was among those unhappy with that solution.

"When you lose a market it's very, very hard to get it back, especially if there are other reliable suppliers out there", Illinois Farm Bureau lobbyist Adam Nielsen told WGLT radio in Illinois.

"U.S. and European Union will be allied in the fight against China, which has broken the world trading system, in effect", Trump's economic adviser Larry Kudlow said.

The U.S. Director of the National Economic Council, Larry Kudlow, has called Liu He a moderate, and said that he is open to negotiating with the U.S., however his outlook and approach reportedly clash with the positions of Xi Jinping, who is said to have taken up a hard-line towards the U.S. and trade concessions.

Trump's boast appears to be an overselling of the agreement he reached with European Commission President Jean-Claude Juncker, which was announced at the White House on Wednesday. Although no specifics were provided, the talks were considered positive and European purchases of soybeans were held out as a way to ease pressure from the tariff war. But among those who approve of Trump, 52 percent believe safeguarding American industries is more important, while 86 percent of those who disapprove of Trump say sustaining good ties with allies is more important.

There are obvious quick fixes: China could buy more American oil and then sell it on to others.

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Republicans in Congress have grown increasingly impatient as the president has enacted hard-line trade policies targeting imports from Mexico, Canada, the European Union, and China, to name a few.

"Those beans are going to come from somewhere".

"The U.S. Department of Agriculture is trying to put a Band-Aid on a self-inflicted wound", Toomey said last week.

Soybeans are likely to be the largest sector affected by the programs.

Soybean prices are slightly higher again this morning.

The trade restrictions may cut about 0.25 percentage points off United States real gross domestic product (GDP) growth in 2019, offsetting some of the economy's underlying strong momentum and fiscal stimulus gains. No matter that the spurt was due to one-off factors, with soybean farmers rushing to beat retaliatory trade tariffs and USA consumers blowing their recent tax-cut bonanzas. "We refused that because I don't have a mandate and that's a very sensitive issue in Europe". I don't think that China will take it easy though.

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