European Commission President Set to Face Trump and His Tweets

European Commission President Set to Face Trump and His Tweets

European Commission President Set to Face Trump and His Tweets

Trump, European Union leaders announce path forward on tradePresident Donald Trump and European Union leaders announced Wednesday they have agreed to work toward "zero tariffs" and "zero subsidies" on non-automobile goods and would work to resolve USA tariffs on steel and aluminum imports that have roiled European markets.

Trump also said the European Union had agreed to buy "a lot of soybeans" and increase its imports of liquefied natural gas from the U.S. And the two agreed to resolve a dispute over U.S. tariffs on steel and aluminum.

"Soybeans is a big deal".

On Wednesday morning, President Trump tweeted that China is "vicious" on trade and said it's targeting USA farmers specifically because "they know I love & respect" them. Officials said the direct payments could help producers of soybeans, which have been hit hard by retaliation to the Trump tariffs, along with sorghum, corn, wheat, cotton, dairy and farmers raising hogs.

"A breakthrough has been quickly made that nobody thought possible!"

Mr Juncker said striking a deal on zero tariffs on industrial goods was his "main intention".

The overtures are a last-ditch attempt to persuade him from imposing tariffs on European vehicle exports to the US, in what could deal a serious blow to the bloc's economy.

Trade experts expressed hope that the meeting could start a process for exploring how the United States, the European Union and other allies begin to reduce automotive tariffs - and deter Mr Trump from imposing a 25 percent tariff on imported cars and auto parts. "Great for global economy!"

G20 ministers call for greater dialogue on trade tensions
G20 ministers call for greater dialogue on trade tensions

Trump shared the photo shortly after the two delivered a joint statement on Wednesday announcing that they have reached a deal to begin resolving a dispute over tariffs and avoid a trade war. (FB.O) of the risk of slowing growth, which saw the company's stock fall as much as 24 percent in after-hours trading Wednesday, highlighted risks for investors and businesses in the current earnings season.

The euro EUR= was up less than 0.1 percent on the day at $1.1735, while the dollar index.DXY, which tracks the greenback against a basket of six major rivals, fell 0.2 percent to 94.139.

Mark Martinson, who raises crops and cattle in north-central North Dakota and is president of the U.S. Durum Growers Association, said the $12 billion figure "sounds huge" but there are many farmers in need. Steelmakers' shares fell, with United States Steel (X.N) falling more than 5 percent in extended trading, and AK Steel Holdings (AKS.N) sliding 2 percent.

"I think President Juncker believes he is here to try to calm the situation and get into a negotiating process to stave off potential USA tariffs on autos".

Trump has been critical of the European Union over its $150 billion trade surplus with the U.S. But Europe is only one front in Trump's attacks on trading partners.

The European Union had warned that it would retaliate with tariffs on products worth $20 billion if Trump puts duties on cars and auto parts from Europe. That would cut USA imports of European cars and vehicle parts in half, the commission forecast.

The two leaders did not specifically mention auto tariffs in their statements, keeping the focus on other industrial products. "The administration's trade aid plan is also a bid to shore up support among a slice of the rural electorate ahead of the midterm elections", Politico said.

The agreement on soybeans could offset China's attempt to harm USA farmers by subjecting them to tariffs.

Fiat Chrysler CEO Sergio Marchionne’s health crisis forced succession scramble
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