Published: Thu, July 26, 2018
Money | By Arnold Ball

Trump, EU president make joint statement amid trade tensions

Trump, EU president make joint statement amid trade tensions

Aid will come in three ways: Direct payments to farmers who have been hurt by escalating trade tensions.

"The key watch points will be the central bank's interpretation of external risks and an improving inflation outlook, along with any commentary on the future reinvestment policy within its asset purchase program", Morgan Stanley strategists said.

The increase in tariffs not only impacts the agricultural exports but also farming resources.

"This is a short-term solution that will give President Trump and his administration time to work on long-term trade deals that benefit agriculture and all sectors of the economy", US Agriculture Secretary Sonny Perdue said.

The assistance programs for farmers affected by tariffs will officially roll out in September.

Nebraska GOP senator Ben Sasse called the policy "gold crutches" while Wisconsin Republican Sen.

"The aim of this visit is to cool down the situation and prevent an escalation of the trade conflict", European Commission for Trade Cecilia Malmstrom, who will accompany Mr. Juncker at a bilateral meeting at the White House, told Swedish newspaper Dagens Nyheter. "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again", he added.

Maupin, a farmer himself, says that although it is a temporary resolution, more can be done. That hits demand and brings down prices, cutting into farmers' business.

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"The European Union will start immediately to buy a lot of soy beans from our farmers in the Midwest primarily", Trump said.

For instance, China is the biggest buyer of US soybeans, importing more than $12.4 billion worth of the oil seed in 2017, according to the Peterson Institute for International Economics.

Some are already saying this is a step in the right direction, and shows the President is sticking to his word. Fall is the biggest season for American soybean farmers.

Germany, home to big carmakers such as Volkswagen AG (VOWG_p.DE) and Daimler AG (DAIGn.DE), would be hard hit by auto tariffs, and the automotive industry has warned such measures could hike vehicle costs by $83 billion and result in the loss of hundreds of thousands of jobs.

Milk and dairy prices have dropped 10 percent in the last month, Rotz said.

About one out of every three rows of US soybeans is shipped to China, according to estimates. Trump has expressed that he is willing to tax all Chinese imports, $500 billion worth, if China doesn't reduce the trade deficit with the United States. "The real resolution is getting to agreement and getting these trade issues solved".

Republican senators condemned the Trump administration's recently announced plans to bail out US farmers hit by crippling tariffs on their goods. "We should focus on reducing tariffs, not increasing them. USDA will not stand by while our hard-working agricultural producers bear the brunt of unfriendly tariffs enacted by foreign nations". On Tuesday, he tweeted that he wants to ask the "drop all Tariffs, Barriers and Subsidies" but he knows that the European Union won't go along with it. "Tariffs are the greatest!"

All this comes after President Trump's administrator slapped tariffs on $34 billion in Chinese goods.

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