USA to give farmers $12bn trade war bailout

Trump secures concessions to avoid US-EU trade war

The threat of a transatlantic trade war between the USA and Europe seems to have diminished following a successful meeting between Donald Trump and European Commission chief Jean-Claude Juncker last night.

"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", the statement read.

China has announced retaliatory tariffs on various U.S. agricultural products, including soybeans, grains, meats and dairy products, as a response to Trump's plan to impose $50 billion in tariffs on Chinese imports.

Trump and Juncker would have the European Union buying more liquefied natural gas and soybeans from the US, and the two sides would begin a "dialogue to reduce differences on regulatory standards between the two economies", Mr. Trump said. "As we break our trade agreements with Canada and Mexico in particular, where are we going to go with excess product that we produce", said Danielson.

The aid is meant to protect the industry as countries raise taxes on U.S. products such as soybeans in response to the president's new tariffs.

President Trump and Jean-Claude Juncker at the White House on July 25.

Mark Recker, president of the Iowa Corn Growers Association, says his corn and soybean harvests face plunging prices because of tariffs imposed by China, Mexico and the European Union. China made $517 Billion on us previous year, ' the president added.

Both Juncker and Trump's comments on more USA -sourced LNG heading into Europe will have major geopolitical ramifications in both the European Union and even Russian Federation.

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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". The two leaders also agreed to work together on energy and intellectual property issues, as well as making reforms to the World Trade Organization, and creating a bilateral working group on trade issues to supplement the negotiations. The 25% tariff on steel and 10% tariff on aluminum impact not only China, but traditional USA allies like the European Union, Canada, and Mexico.

The United States earlier this month imposed 25% tariffs on $34 billion worth of Chinese products, drawing a tit-for-tat response from Beijing, which targeted politically sensitive U.S. agricultural products. Farmers in Iowa alone could lose as much as $624 million on soybean shipments to China, Donnelle Eller, an agriculture reporter with the Des Moines Register, told CBSN last month.

Jean-Claude Juncker kept his right hand to his side and did not grasp hands with Mr Trump.

Juncker also said Europe would build more LNG terminals to import U.S. -LNG.

"We want to further strengthen this trade relationship".

The euro, which initially received the U.S. -EU trade news warmly, sharply lost ground after European Central Bank boss Mario Draghi reaffirmed a commitment to keep interest rates on hold "through" next summer, even though he saw inflation picking up by the end of the year.

Concerns about Facebook's major earnings miss in an otherwise largely positive USA corporate results season did little to support bonds, which lost value as yields resumed their climb higher. He had also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that a year ago totaled $335 billion. "I have an idea for them", Trump said in a Tuesday night tweet.

"This is only a short-term solution", said Agriculture Secretary Sonny Perdue, and is meant to give Trump time to rebalance trade rules worldwide.

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