European Union agrees to buy more USA soy, import more liquified gas

Muriel Colon
July 28, 2018

Checking out a speedboat, a fighter jet and a giant industrial magnet parked on the White House driveway, President Donald Trump showcased an array of "Made in America" products Monday as his administration pushes back aggressively against critics who say his punishing tariffs on imported goods threaten to harm the US economy.

The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted USA trading partners to retaliate, creating risks for the economy. But the taxes also exact a toll on US businesses and consumers, which pay more for imported products.

After a meeting with Juncker at the White House on Wednesday, Trump agreed to refrain from imposing vehicle tariffs while they start talks on cutting other trade barriers.

President Donald Trump has defended his treatment of North Atlantic Treaty Organisation allies at a summit earlier this month and is blaming the media for mischaracterizing it.

As supply concerns send domestic prices of the metal soaring, steel workers have welcomed the tariffs.

Trump agreed: "I think if we could have no tariffs and no barriers and no subsidies, then the USA would be very pleased".

Republicans, many of whom also must face voters in the November midterms, have become increasingly vocal in questioning the White House approach to global trade, even though Trump said he promised during the 2016 campaign to upend the "terrible" agreements signed by his predecessors.

"He likes tariffs", said William Reinsch, a former USA trade official under President Bill Clinton now at the Center for Strategic and International Studies. "Hope they do it, we are ready - but they won't!" he tweeted.

The leaders agreed to "launch a new phase" in the relationship and "to work together towards zero tariffs, zero nontariff barriers, and zero subsidies on nonauto-industrial goods", Trump said.

President Donald Trumpand European Commission president Jean-Claude Juncker emerge from the White House. The U.S. and European Union will work together to reform the World Trade Organization, Trump said. Complicating matters further, a number of top European automobile companies, such as BMW and Mercedes, already make many automobiles in the United States, as do Japanese companies such as Honda, Nissan, Toyota and Subaru.

Trump imposed global tariffs on aluminum and steel earlier this year as part of his escalating trade confrontation, and he is now weighing the imposition of auto tariffs. "If not, the EU Commission is preparing a rather long list of many American goods", she told Swedish newspaper Dagens Nyheter.

Earlier, Mr Trump accused China of "vicious" tactics on trade.

'He understands the farmers in this country feed us, they fuel us, they clothe us.

"We also will resolve the steel and aluminum tariff issues, and we will resolve retaliatory tariffs". House Speaker Paul Ryan of Wisconsin said lawmakers are making the case to Trump that tariffs are "not the way to go". Also pictured, from right, is Treasury Secretary Steven Mnuchin and Commerce Secretary Commerce Wilbur Ross.

European Union buyers have already been stepping up purchases, with USA supplies now available at a significant discount to exports from South America.

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