Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank

Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank

Troy Powers
July 26, 2018

Trump had offered a similar sentiment Tuesday evening, when he suggested on Twitter the European Union and USA drop all tariffs, barriers and subsidies - although he predicted that the bloc would not be ready for such a proposal. "They are being vicious in what will be their failed attempt. Both the United States and the European Union drop all Tariffs, Barriers and Subsidies!" he wrote. Trump wrote. "That would finally be called Free Market and Fair Trade!"

They also agreed to increase trade in services and agriculture, including greater USA soy bean exports to the EU.

Trump's willingness to buck the advice of his advisors is evidence of an "increasingly defiant...trade strategy", the Post reports.

President 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 US tariffs on steel and aluminum imports that have roiled European markets.

Additionally, American goods shipped overseas are being slowed from reaching market by unusually strict or cumbersome entry procedures, which can affect the quality and marketability of perishable crops, it said.

'Negotiations are going really well, be cool.

(See Agriculture Secretary Sonny Perdue sporting one here.) The message is a calculated one as the White House seeks to ease farmers' concerns that a United States trade war will hit them hard. "End result is, it's going to cost the consumer more".

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Casey Guernsey, a former Missouri state legislator and a spokesman for Americans for Farmers and Families, urged Mr. Trump to "listen to America's rural families and take immediate steps to resolve these trade disputes and find a middle ground that does not punish the agricultural sector".

The U.S. Agriculture Department said it would tap an existing program to provide $12 billion in direct payments and other assistance to farmers and ranchers hurt by foreign retaliation to Trump's tariffs.

Greg Ibach, undersecretary for marketing and regulatory programs, said the programs should reassure farmers that the administration has their support until new trade deals can be put in place. But Rotz said in Pennsylvania, where corn and soybeans are used for animal feed, the impact has been felt most keenly among fruit and vegetable producers and pork and dairy farmers.

"While we're grateful the administration is doing something, we're hopeful these tariff issues will be resolved soon because farmers would rather trade than take aid", said Joel Rotz, Pennsylvania Farm Bureau spokesman. The USDA said it planned to roll out some of those details around Labor Day and the program would begin to make payouts after the fall harvest.

As part of the initiative to be announced on Tuesday, the USDA is expected to draw on the financial resources of a program known as the Commodity Credit Corporation, which helps shore up USA farmers by buying their crops. Though the Republican said they would happily welcome the political benefits that will come from the farm aid plan, they anxious the damage may already be done with growers whose farm prices and commodity prices have shrunk in recent months. "I've never seen any proof of that and I don't think it's true". Rand Paul (R-Ky.) referred to the aid as "welfare for farmers".

"There is a tendency for a little bit of Trump piling on", he said.