U.S. vehicle tariffs still aren't off the table, warns German industry group

Farmers hurt by tariffs could get emergency aid from the federal government

President Trump and European Commission President Jean-Claude Juncker said Wednesday that they have agreed to work toward removing all trade barriers between the two sides.

He said the two leaders were working towards a goal of "zero tariffs, zero barriers, and zero subsidies on non-auto industrial goods".

The statement came after Trump had threatened tariffs on vehicle imports and reports that the European Union is planning retaliatory measures.

Trump and Juncker would have the European Union buying more liquefied natural gas and soybeans from the USA, and the two sides would begin a "dialogue to reduce differences on regulatory standards between the two economies", Mr. Trump said. The present wasn't meant to be sinister, but was aimed at reminding Trump, who had repeatedly locked horns with European Union officials, that Europe and the U.S. share a common history, Juncker said.

"We will hold off future tariffs and reassess existing tariffs on steel and aluminum", Juncker said.

"Are the three majors that are going to be implemented going to affect farmers fairly or are corporations going to be the benefactors of those major.I think they're also really anxious about a prolonged trade war", said Julie Keown-Bomar, Executive Director for the Wisconsin Farmers Union.

The breakdown of the deal leaves "investors fearing that the trade war has just turned even more so on China", Citi analysts told clients.

After their meeting, Mr Juncker thanked the US President and claimed it was a "good, constructive meeting". In 2016, the most recent year for which full data is available in the United Nations' Food and Agriculture Organization database, China imported more than 86 million tons of soybeans while Europe imported just under 19 million tons. Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs.




The truce may prove to be short-lived if the two sides can't resolve their differences over trade in vehicles and auto parts.

Aid will come in three ways: Direct payments to farmers who have been hurt by escalating trade tensions.

But it was only after this year's soybean crop was already planted that Trump announced his tariffs on steel, aluminum, and Chinese-made goods. After $34 billion in tariffs against China went into effect earlier this month, China responded with its own equivalent tariffs soon after, targeting USA agricultural products including soy, corn, wheat, pork, poultry and more.

Concerns about Facebook's major earnings miss in an otherwise largely positive US corporate results season did little to support bonds, which lost value as yields resumed their climb higher.

Beijing responded to Trump's first wave by matching duties on a similar amount of US imports and has threatened to retaliate against any further USA tariffs.

Trump hailed "a new phase" of trade relations. "I don't think there is enough money in the government to make anybody whole", Ebert said.

Trump's announcement stunned lawmakers who arrived at the White House ready to unload concerns over the administration's trade policies only to be quickly ushered into Rose Garden for what the chairman of the Senate Agriculture Committee called "quite a startling" development. "Only united as Europeans do we have sufficient economic and political weight to effectively represent our interests", he said.

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

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