Trump announces an agreement with European Union on tariffs

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On Wednesday, President Donald Trump will meet with Jean-Claude Juncker, the president of the European Commission, at the White House. Meanwhile, the uncertainty that Trump has engineered about NAFTA's future has led Mexican millers and grain traders to reduce their reliance on American wheat. Germany exported almost 500,000 cars to the U.S.in 2017.

Since March, the factory has churned out 90,000 of the beach towel-sized flags, an unusually large number for the normally slow season, said manager Yao Yuanyuan, who believes the looming US-China trade war is the reason.

Juncker also renewed a promise of immediate retaliatory measures should Trump make good on a threat to slap new tariffs on European Union vehicle imports.

Summit Agricultural Group CEO Bruce Rastetter on the impact of tariffs on American farmers.

Mr Trump has repeatedly expressed frustration that the EU imposes a 10pc tariff on imported United States cars, while the USA tariff on European cars is only 2.5pc. He got a win there. Soybeans have gotten a lot of the attention because of China.

Trump, who recently called the European Union "a foe" when it comes to trade, floated the notion that the two sides should drop all tariffs, subsidies and other devices that affect the price of goods flowing from one side of the Atlantic to the other. The US and European allies have been at odds over the President's tariffs on steel imports and are meeting as the dispute threatens to spread to the lucrative automobile business.

"This trade war is cutting the legs out from under farmers and White House's "plan" is to spend $12 billion on gold crutches. We want more welfare", said Sasse.

Not everyone in Trump's own party is happy with the move.

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"This was a good and constructive meeting", Juncker said.

"I'm ready to go to $500 [billion]", Trump said.

We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods. However, we are extremely concerned about the threat of automotive tariffs. And that's what we have to do.

Although the aid package acknowledges the problems tariffs have created for American farmers, President Trump appeared unlikely to end the ever-escalating trade war.

The administration has slapped tariffs on $34 billion in Chinese goods and China retaliated with duties on soybeans and pork.

Some are already saying this is a step in the right direction, and shows the President is sticking to his word. And he name-checked each one as they watched his hastily planned joint press conference with Juncker. The president again suggested the two sides could one day have no tariffs or barriers or subsidies on their products.

"Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking?" Either a country treats us fairly or they get punished. He agreed to refrain from imposing auto tariffs while the two sides launch negotiations, easing the threat of a transatlantic trade war.

During their Oval Office meeting, Mr. Trump said he expects something "very positive to take place" during their discussions, but was adamant that a "level playing field" is needed for US farmers and manufacturers. He recently warned the EU to strike a deal or he would impose new penalties on European-made cars manufactured by companies such as Mercedes-Benz and BMW.

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