US, EU launch talks to eliminate industrial duties, agree no new tariffs

US, EU launch talks to eliminate industrial duties, agree no new tariffs

"President Juncker made it very clear yesterday that he meant to help us, President Trump, on the China problem". But Heck also fears that such a deal could exact a crippling cost from farmers like him.

"We're all upset. We're all losing money", Heck told CBS News.

"We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans".

It also extends talks on aluminum and steel after the U.S. imposition of tariffs resulted in the European Union unleashing retaliatory measures.

The European Commission said on Wednesday (11 July) that "all possible options" are on the table to respond to the confirmation of the United States tariffs on Spanish ripe olives, seen by the Europeans as "not justified".

"They have gone down by two dollars a bushel".

Oil pipeline manufacturer Borusan Mannesmann said the Department of Commerce had rejected its application for a steel-tariff exemption.

U.S. 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.

The threat of a transatlantic trade war between the United States and Europe seems to have diminished following a successful meeting between Donald Trump and European Commission chief Jean-Claude Juncker last night. The step came in response to an earlier decision by the White House to impose 25 and 10 percent tariffs on steel and aluminum imports to the United States from Europe. The EU, on the other hand, imported roughly 5.3 million tons of soybeans from the USA a year ago.

DBV, an association of German farmers, said it welcomed de-escalation in the trade dispute but did not expect changes in soybean trade.

The Trump administration announced it would provide $12 billion in aid to farmers affected by the recent trade tariffs.

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He says, "If you don't have steel, you don't have a country".

But Trump made no signal of coming closer to European Union positions on the numerous issues that broke the Transatlantic bond in recent months, including the Iran deal, the Paris Agreement on climate change or relations with Russian Federation.

Trump on Wednesday met with members of Congress from agricultural states to discuss trade issues. But that's because they generally have one meeting and then pause for a month, have another meeting. "We are not going to turn into a Soviet-style economy".

Mary Lovely, a Syracuse University economist who studies a trade, said, "The Chinese are not going to be buying our soybeans, so nearly by musical chairs, our soybeans are going to Europe". Farmers are struggling. Net farm income is down nearly 50 percent since 2013. What the US has done jeopardizes China's interests.

Now the trade attention shifts to China, which will be a more hard negotiation. The duties would eliminate more than 714,000 U.S.jobs.

"But as is often said, the devil is in the details".

Despite earlier signs of hope that a trade war with China could be avoided, Kudlow says talks have stalled out. Like with the European Union, these tariffs put Trump in a better negotiating position to demand the reduction of Chinese trade barriers in order to expand markets for American small businesses and farmers.

The upcoming negotiations between the US and Europe are not guaranteed to produce an agreement that significantly reduces trade barriers.

The U.S. steel and aluminum tariffs remain in place.

"Farmers aren't looking for a handout in this country".

Trump also won a commitment from Juncker to work together to reform the World Trade Organization to address some of his complaints about China on theft of U.S. technology, the behavior of state-owned enterprises, and overcapacity in steel. Neither side has to blink.