NZ farmers dismayed at USA farm bailout as trade war deepens

26 July, 2018, 17:45 | Author: Sally Reid
  • Trump Rose Garden

Speaking with Juncker at his side, Trump said they had agreed in talks to "work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods".

Marta Bengoa, professor and head of the economics department at the Colin Powell School at the City College of NY, said the deal was encouraging, but she noted that an accord with Juncker is not the same as accord with the EU's 28 members.

In addition to the direct impact of tariffs on American farm products, farmers have also been hurt by US tariffs on foreign steel imports.

He added: "I had one intention today, to make a deal, and we made a deal".

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

In a speech to The Veterans of Foreign Wars of the United States on Tuesday, Trump said farmers will eventually be "the biggest beneficiary" of his tariffs.

Germany's economy minister described the agreement - which means Washington will not follow through with a threat to impose tariffs on autos that would hurt the dominant German vehicle industry - as a "breakthrough" that "can avoid trade war".

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 USA wants.

White House lights go out as Donald Trump makes address about Russian Federation
And it's so bad that President Trump actually had to backtrack and claim that he misspoke. "And that's the way it's going to be". We got along well which truly bothered many haters who wanted to see a boxing match.

The tone between Trump and Juncker was friendly, a marked turnabout from the harsh rhetoric the European Union and US have exchanged in recent weeks.

Mr Trump and Mr Juncker said the talks would also seek to "resolve" U.S. tariffs on steel and aluminum and Europe's retaliatory duties - marking a step back from the President's signature import protections for American metals producers.

Trump had offered a similar sentiment Tuesday evening, when he suggested on Twitter the European Union and US drop all tariffs, barriers and subsidies - although he predicted that the bloc would not be ready for such a proposal. "We have a number of areas on which to work together". After Trump hit China with tariffs, they responded with a 179 percent retaliatory tariff on USA sorghum.

American stock markets jumped in their last half-hour of trading in response to reports of a US-EU agreement.

The Trump administration juiced this long-standing safety net by pledging an additional $12 billion in aid Tuesday - but this time, it's to compensate some farmers and ranchers from the fallout of President Donald Trump's widening trade feuds.

Canada, Mexico and China - the main target of Mr Trump's trade offensive - also have hit back with steep duties on U.S. goods, and have filed complaints against Washington at the World Trade Organisation.

"The programs we're announcing today are a firm statement that other nation's can not bully our agricultural producers, to force the United States to cave in", said Perdue.

"Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking?" "We want free and open trade", said Eric Maupin of the American Soybean Association Executive Committee.

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