Trump secures concessions to avoid US-EU trade war

Trump says ‘drop all tariffs’ with European Union — hours after tweeting ‘tariffs are the greatest’

President Donald Trump and European Commission President Jean-Claude Juncker agreed to suspend new tariffs while negotiating over trade, pulling the US and Europe back from the edge of a transatlantic trade war.

Juncker said the European Union already imports 35 percent of its natural gas from USA producers, but will work to buy more.

Trump's truce with the European Union could relieve some of those concerns, as the agreement Tuesday includes a commitment to hold off on threatened tariffs on auto, and end the USA steel and aluminum tariffs as well as the EU's countermeasures.

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.

The $12 billion program overseen by the USDA will include direct payments, excess crop purchase, and trade promoting after countries such as China announced tariffs on soybeans and pork in retaliation for taxes on various goods from China and USA allies.

The US and European Union are now working to resolve their differences over steel and aluminium - but the tariffs are still in place.

"I just want to conclude by saying this was a very big day for free and fair trade", Trump said.

He said the U.S. and the EU have agreed to hold off on new tariffs, suggesting that the U.S. will suspend plans to start taxing European auto imports - a move that would have marked a major escalation in trade tensions between the allies.

Meanwhile, the United States remains embroiled in major trade disputes with China and other trading partners.

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Those tariffs covered about three billion dollars in goods and would pale in comparison with possible 25% tariffs on imports of cars, trucks and vehicle parts.

The outcome seemed a victory for Trump, who had assured supporters that his confrontational trade strategy would bear fruit, and who appears to have conceded little in the talks with the EU. Earlier this year, China's Vice-Premier Liu He met secretly with the president at the White House, then announced, "The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other", according to the Xinhua state-run news agency.

The government announced a $12 billion plan Tuesday to assist farmers who have been hurt by President Donald Trump's trade disputes with China and other trading partners.

Though he declined to say whether he supports the policy, Hoeven predicted it would make "darn clear to the people we're negotiating with that we intend to get better trade deals".

The tariffs came in response to $34 billion worth of duties the Trump administration placed on Chinese products. "Europe's ahead of us", Schwager said. And both sides will work together to reform the World Trade Organization, they said.

"It's an admonition that tariffs are harming agriculture and harming farmers", Young said of the aid package.

"If you do another $200 billion of tariffs and this national security thing about cars, I think that you're getting pretty close to reversing some of the benefits you've seen in the economy", JPMorgan Chase CEO Jamie Dimon told CNN Money. "What they want is access to markets", Hoeven said in an interview.

The United States has been looking to support farmers hurt by the tariffs imposed on US products and this week announced a $12 billion support package.

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