Monday, 19 November, 2018

Germany reacts to Juncker-Trump trade deal with cautious relief

Germany reacts to Juncker-Trump trade deal with cautious relief Germany reacts to Juncker-Trump trade deal with cautious relief
Jodi Jackson | 26 July, 2018, 17:44

US President Donald Trump and European Commission chief Jean-Claude Juncker on Wednesday agreed on a plan to defuse the festering trade dispute between the two major economies.

"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", Trump said to applause.

"I know that Trump's tariffs targeting China will have some effect, but we're not anxious at all, since we're producing foreign flags every single day", she said.

"The European Union wants to import more liquified natural gas, LNG, from the United States", said Trump who added that the E.U. will be a "massive buyer". The US and European Union will "hold off on other tariffs" while negotiations proceed, Mr Juncker said.

The relief package is intended as a temporary boost to farmers as the United States and China negotiate over trade issues, officials said. He said the world is "still in wait-and-see mode" on auto tariffs, citing recent articles saying Trump wants to impose them.

While declaring it as a "very big day for free and fair trade",...

He said the Trump-Juncker accord was "a good start - it takes away many people's worries that the global economy could suffer serious damage in the coming months from a trade war".

"We are close partners, allies - not enemies", Juncker said as Trump nodded and said, "Yes". And on Tuesday, Trump announced plans to impose 10 percent tariffs on an additional $200 billion in Chinese imports by the end of August.

The Trump administration on Tuesday announced a multibillion-dollar aid package for USA farmers caught up in the trade tussle.

Juncker's visit comes amid an escalating trade war between the USA and the E.U.in the wake of Trump's decision to slap tariffs on imports of aluminum and steel last month.

The program will "assist farmers in response to trade damage caused by illegal retaliatory tariffs", which USDA estimated at $11 billion, Perdue told reporters. And they would continue to hit US trading partners like Canada, Mexico and Japan even if the USA and the European Union cut a deal. Lost $817 Billion on Trade past year.

Both farmers and lawmakers are protesting President Trump's continued use of tariffs, despite the announcement of a $12 billion aid program for farmers affected by trade tensions.

Trump's enthusiasm about Wednesday's trade negotiations are a significant change from remarks he made on Twitter just 24 hours earlier, when declared "tariffs are the greatest". "Only united as Europeans do we have sufficient economic and political weight to effectively represent our interests", he said. WTO Director-General Roberto Azevedo said Wednesday he is hoping to "stop this trend" of growing restrictions on trade.

Trump's expressed willingness to bend on steel and aluminum tariffs can be seen as a good sign for Canada, Ujczo said, since it suggests that Trump may again be willing to "lift the tariffs if there's progress on other trade fronts".

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