Trump announces trade concessions from EU officials on soybeans, energy, tariffs
S E E D E D C O N T E N T
President Trump announced Wednesday that he has secured major trade concessions from European Union officials as part of an effort to head off a trade war between the U.S. and the E.U.
After talks at the White House with E.U. officials, Trump announced in a joint Rose Garden appearance that the delegation agreed to increase imports of soybeans and liquefied natural gas. Both sides agreed to work toward the goal of "zero" tariffs and subsidies on non-auto industrial goods and to "resolve" recent tariffs that both sides have imposed.
"This was a very big day for free and fair trade," Trump said.
Trump said they also are looking to slash regulations that limit access to each other's markets and to reform the World Trade Organization and limit unfair market practices.
Trump made the announcement alongside European Commission President Jean-Claude Juncker at a press conference in the Rose Garden after more than two hours of talks at the White House.
"We had a big day, very big,” Trump said. “We set out to launch a new phase of close friendship between the United States and the European Union, strong trade relationships where both of us will win.”
The import of soybeans is a boost to American farmers, who have seen prices plummet after China slapped a retaliatory tariff on American goods including soybeans, in the wake of U.S. tariffs on aluminum and steel.
Trump had said earlier Wednesday that the U.S. was seeking a “level playing field” on trade with the E.U.
“For years, the U.S. has been losing hundreds of billions of dollars in trade with the European Union, and we just want it to be a level playing field for our farmers, for our manufacturers, for everybody and we also want a big beneficiary, frankly, to be the European Union and we think it can be good for everybody and that’s why we are here to discuss,” he said, sitting alongside Juncker in the Oval Office.
The move is likely to soothe fears of an escalating trade war in the wake of Trump’s decision to slap a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports. The E.U. subsequently retaliated with tariffs on a number of U.S. goods.
Trump said Wednesday they would look to resolve those issues as part of fresh negotiations.
"We made a deal today," Juncker said.
In the Oval Office earlier, Juncker made conciliatory comments, saying that the U.S. and the E.U. are “close partners, allies not enemies” and noting that the U.S. and E.U. represent half of the world’s trade.
“I think we have to talk each to another and not at another and that’s what we do today,” he said, before saying he hopes they could focus on reducing, not increasing, tariffs.
The Washington Post reported Wednesday that Trump was considering slapping a 25 percent tariff on automobiles, an idea that has drawn fierce criticism from E.U. officials -- from where many U.S. car imports originate.
In an interview with CBS News this month, Trump described the E.U. as a "foe."
"I think the European Union as a foe what they do to us in trade," he said. "You wouldn't think of the European Union, but they're a foe."
Reuters reported Wednesday that E.U. trade commissioner Cecilia Malmstrom said her office is drawing up a $20 billion list of U.S. goods to hit with retaliatory tariffs should the administration implement that threat.
“We hope that it doesn’t come to that and that we can find a solution. If not, the EU Commission is preparing a rather long list of many American goods,” she told Swedish newspaper Dagens Nyheter.
A senior European official told Fox News ahead of the meeting between Juncker and Trump that the aim of the meeting was to build on a conversation the two had at a G7 summit in Canada last month and to work out what exactly the U.S. wants.
“The aim is to figure out what the ask is, we don’t yet have a clear picture of what the administration wants,” the official said
Trump was facing calls from nervous members of his own party to back down on the tariffs, particularly after the administration announced Tuesday that it will grant up to $12 billion in aid to farmers hurt by retaliatory tariffs. But Trump tweeted Wednesday urged concerned parties to "be cool."
"The end result will be worth it!" he added.
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TRUMP DOES IT AGAIN!
Does what again Bullies our allies?
Negotiations are bullying now? Blinded by bias much?
Hey C! I've missed your snarkasm. Where've you been?
With allies like the EU and NATO- who needs enemies?
We pay for their protection by having the world's largest and strongest military; and they get to use the money they save on paying for their own defense to kick our asses in trade? Who needs allies like that?
Seriously. I have a friend who would always come over, eat my food and then pick up a magazine and stink up my bathroom. He's still my friend, but that doesn't prevent me from saying, "Hey! Don't they have food and a working crapper at your house?"
Does asking from the allies, that we saved in two world wars and REBUILT, to give up their protectionist tarriffs constitute bullying?
We already have trade deals in place with these countries. If he wants to renegotiate them that's fine but just imposing tariffs unilaterally and without warning is breaking our agreements with them. If the US can't be trusted to keep our agreements why would anybody even want to negotiate. Trump said that Canadian PM Trudeau was meek and weak and belonged in hell. That is bullying. He said that German chancellor Angela Merkel is "ruining Germany" and threw candy at her. That is bullying. He's a bully and, like most bullies, will back down when confronted just like he did in Helsinki and with little Kim.
And now he is sitting down with European Commissioner Jean-Claude Juncker to work out a fair deal for both the US & EU.
Please read:
Part 1
"Already today the United States and European Union have a $1 trillion bilateral trade relationship. The largest economic relationship anywhere in the world. We want to further strengthen this trade relationship to the benefit of all American and European citizens. This is why we agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods. We will also work to reduce barriers that increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans. Soybeans is a big deal and the European Union is going to start almost immediately to buy a lot of soybeans from our farmers in the midwest primarily.”.....President Trump
Part 2 of the agreement involves energy:
“The European Union wants to import more liquified natural gas, LNG, from the United States and the U.S. 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.”
Part 3 of the agreement involves standards:
"To launch a close dialogue on standards in order to ease trade, reduce bureaucratic obstacles, and slash costs dramatically.”
Part 4 of the agreement involved practices:
"To join forces to protect American and European companies from better and really better than ever…we will therefore work closely together with like minded partners to reform the WTO and to address unfair trading practices including intellectual property theft, forced technology transfer, industrial subsidy, distortions created by state-owned enterprises, and overcapacity.” These practices ring of criticisms the U.S. and President Trump have lodged against the Chinese as unfair trading practices.
They pledged to work it out. Juncker said that he came to the White House Wednesday with the intet of working out a trade agreement and that his primary focus was on working toward “zero tariffs on industrial goods.”
Tell me why this isn't great news?
They agreed to talk about this....there is no action.
Ya? Isn't that how it begins? Did you really expect this to be all done yesterday?
Remember at the G7 summit, Trump mentioned this and it was a flat NO then.
It appears he was right and all of his very loud critics who predicted the end of the world were 100% wrong. We'll all grow old, though, waiting for them to admit it.
And I'm not tired of winning yet. How about you?
I'm still enjoying it. Liberal tears apparently have a very long shelf life...
Not even a little.
I'm with ya!
Hahahaha!! This is winning? And you're not tired of winning?
They are bailing his ass out with the soybeans. If you really won....then why aren't the soybeans heading off to the original intention? China.
Won a bang up job in Korea too we see./s
This is going to get humorous as time passes...Does this mean we don't have to bail out the soybean and corn farmers now? The answer is going to be embarrassing for the "He win's" crowd.
We have a free trade partner.
China will be the loser. The truth has come out now. They used tariffs on us and we just went along. Politicians!
No we don't and no, they won't.
You can dream that shit all day but it doesn't make it true.
Really? What are the details of this deal?
I'll give you plenty of time to answer
That's what I'm wondering since you so proudly proclaim the "win".
You have no idea how much if any will be bought, the time table (since American farmers are sitting on mega-tons of soy,sorghum and corn.) The bottom is dropping out on soybeans because we're stuck with them.
So...yes, please tell us the details of this glorious deal you're bragging Trump did.
You are the one who said the Europeans would never go along win ending their tarriffs
So...yes, please tell us the details of this glorious deal you're bragging Trump did.
You answer my question first.
What is being considered in this negotiation?
I said that? Where?
And while you're at it, please show where they have ended their tariffs?
You're the one that said there was a deal...there is no deal only the EU rep. saying they would buy more soybeans, that's it.
You haven't "won" a damn thing...Korea was a joke at best, and where is that Nobel Peace Prize anyway?
Helsinki was even more of a disaster.
The economy is perched and ready to fall soon...Manufacturers are sounding alarms now about costs going up, retail is already imploding and will soon crash, malls are closing left and right...those tax dollars are important to keep floating the rich.
Insurance industry has already said to get ready for 19%-30% hikes in premiums. But you already know that since you're in the insurance industry.
Fuel will be going up too, especially if he keeps pissing off Canada where we get 40% of our oil. Which means transportation will be going up. Those out of season vegetables we are accustomed to are going to get more pricey as they come from other countries...and have to be transported too.
So, what have you won?
I refer you to my post # 1.1.7
See anything you like there?
And BTW nothing is settled in a day! You expect Trump to work out an agreement with North Korea in a few meetings? It will take many months of negotiations, maybe years. The Trade deal will also take time. Why Is Trump always supposed to to do it immediately? It took Obama years to "negotiate" his infamous Iran Deal.
I see a lot of things I and most people would like....but they aren't there and you're fooling yourself...say...with this:
Sure hope you didn't pin that to anything Trump has done in this meeting because they have been trading with us around that level for some time now. You including it with your cut and paste doesn't make sense.
What about this don't you get? There is NO deal!
There is a promise to talk and a verbal statement that the EU will buy more soybeans......
Other than that...
Please tell me this is not the same "Working Group" that is involved with the North Korean debacle!
So, as you can see....the only thing signed was an agreement to talk.
What was it you won again?
Deals are not made in a day. This is a great deal and I know you'll be around when it's a done deal. You can expect to hear from me
Yeah, I remember we did that one before. You demanded I put up or apologize.
When I put up, you deleted the article.
You didn't. Why not concentrate on the argument rather that trying to destroy those you disagree with.
Even the radical Van Jones advocates civility these days:
And I will seek you out when the deal is finalized
screw china. we sold the beans - it matters not which country buys them.
cheers
Despite what trump trumpeted, it's not a done deal YET. The EU said they'd like to work on it a little at a time and try to reach a reasonable deal.
With trump? Good luck.
well you just keep hoping for the worst k?
who knows, maybe rocketman will shoot a missile over japan any day now. that should make you happy.
but seriously. the hits just keep coming... busting liberal balls almost daily.
the sayers of nay said that would never happen also... ya know.. because trump.
the left sucks at predictions.
cheers
Really? Did you actually see the order? They "said" they would buy more soybeans, not the soybeans China bought from someone else, nor did they say they would match the loss of China's business.
Being gullible and stupid is a dangerous lifestyle.
Oh hell yes it matters. The EU imports only about 20% of what China buys/imports. There is no way the EU can make up for the volume that China buys. Add that to the decline in soybean prices over the last couple of years due to oversupply and the soybean farmers are going to need some of the $12 billion rescue.
Cheers
The EU imports only around 20% of the volume that China does. If the EU bought all of their soybeans needs from the US it would not come close to what China buys.
See comment 3.3.4 for link to support this comment.
No, but before I start throwing roses to his royal highness, it's got to more then him verbalizing what HE wants. I'm surprised he hasn't sent the EU his list of demands yet.
keep your roses... the ever-shrinking left is irrelevant.
cheers
Please tell me why he would be 'carrying President's Trump's Water' if what you suppose is true?
What is wrong with a levelled playing field?
I personally don't believe a word that this President has to say. He's a liar. More importantly I'm pretty sure those negotiating with him are fully aware that he's a liar and cannot be trusted.
Sadly I find myself in your camp. The stream of lying has me disbelieving anything put forth by this administration. How does anyone determine what is true, a stretch or all out lie?
He isn't a man of his word and has a history of throwing anyone under the bus. He's too unstable to trust. I doubt those he negotiates with will take him seriously.
We and the farmers had better hope that EU purchases more soybeans because our sales of wheat is headed downhill. Some of our long term trading partners and buyers of wheat are using other sources.
Russian has taken over as the largest seller of wheat in the world, replacing the US last year.
Mexico has sourced other suppliers after all of the threats being made re trade. Russia and Argentina are now part of their wheat suppliers.
I'd like to see the ''deal'' before making claims on how much we've won EU. As the article states if the US follows through on the tariff on autos the EU is making up a list of more tariffs they will use if the US does institute the auto tariffs.
If the Europe drops the 10% tariff on US auto's is the US going to lower the 25% tariff on light truck, vans and SUV from Europe? I'd love to see that since there are some really excellent light trucks make in Europe.