Trump and European Union chief Jean-Claude Juncker agree to ease trade tensions

Trump and European Union chief Jean-Claude Juncker agree to ease trade tensions

Trump and European Union chief Jean-Claude Juncker agree to ease trade tensions

The European Union Commission is preparing to introduce tariffs on $20 billion of US goods if Washington imposes trade levies on imports of cars, EU trade commissioner Cecilia Malmstrom told Swedish daily Dagens Nyheter on Wednesday.

Trump announced that the European Union will be buying "a lot more" soybeans from the USA, and that Brussels and Washington will work to eliminate tariffs, barriers and subsidies on "non-auto industrial goods".

Juncker, after Trump imposed tariffs on steel and aluminum imports, said in March that "this is basically a stupid process, the fact that we have to do this".

The European Union has warned that it will retaliate with tariffs on products worth 20 billion dollars (£15 billion) if Mr Trump puts duties on cars and auto parts from Europe.

A senior European official said Juncker will meet with Trump on Wednesday equipped with offers to de-escalate the trade war, while convincing him to hold off on auto tariffs.

Trump hailed "a new phase" of trade relations.

Chinese President Xi Jinping said at an global summit in South Africa that the world faces "a choice between co-operation and confrontation", in remarks that criticized escalating US tariffs on goods from China and other major trading partners.

After Trump announced plans to impose $50 billion in tariffs on Chinese imports, Beijing retaliated with plans to impose tariffs on a range of agricultural products from the United States including soybeans, grains, meats and dairy products.

She added that she did not think the USA proposal to drop tariffs, barriers and subsidies was serious, pointing out that the United States has laws, such as the Buy American Act, protecting its industries and agricultural policies supporting its farmers. When the conditions were struck, the US favored a 25 percent tariff on European trucks and SUVs.

"End the trade war and let's get to work on real solutions to stop unfair trade practices", Kasich said.

His administration on Tuesday announced up to $12 billion in emergency aid to farmers who are facing retaliatory tariffs from Mexico and China, among other countries.

American farmers depend on being able to sell overseas, and tariffs make what they produce more expensive.

Trump had previously directed Agriculture Secretary Sonny Perdue to explore options to mitigate financial losses U.S. farmers are suffering as trade tensions between the United States and other countries heat up.

"It doesn't set the scene for a very fruitful meeting", she said, adding that she only expects the meeting to provide "some sort of language that's mutually accepted".

The EU in particular has responded with retaliatory tariffs on a wide range of USA products, including bourbon, blue jeans, cigarettes, and motorcycles.

"I'm glad. I think it's going to help defuse some of the concern out there, not only in farm country but in our economy generally", Portman said.

Rosenstein has been in the crosshairs of the President and his conservative allies in Congress for a number of reasons, including his role overseeing special counsel Robert Mueller's investigation into Russian interference in the 2016 USA election.

Wisconsin Republican Sen. Ron Johnson said the unexpected move to manipulate trade through targeted subsidies 'is becoming more and more like a Soviet-type of economy'.

The No. 2-ranked House Democrat says he is pleased jobs will be created but stressed the financial impacts USA farmers face. Also pictured, from right, is Treasury Secretary Steven Mnuchin and Commerce Secretary Commerce Wilbur Ross. China, meanwhile, retaliated with duties on pork and soybeans.

The U.S. has also imposed tariffs on $34 billion in Chinese products and threatened tariffs on $500 billion more in goods.

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