United States and Europe reach trade truce. For now

Jean-Claude Juncker and Donald Trump

"We're starting the negotiation right now, but we know very much where it's going".

The American Farm Bureau, local trade associations, and groups representing soybean, cotton, sorghum, milk, and pork producers issued statements after the Department of Agriculture announced the $12 billion farm aid program. The US introduced the tariffs on June 1.

"We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans".

"I think if we hadn't done the steel and aluminum tariffs, and if we hadn't had the threat of automotive tariffs, we never would have gotten to the point where we are now", he said.

"North Dakota's farmers and ranchers don't want a handout - they want access to markets to sell their goods", she said in a statement that called on the Trump administration to "give up this misguided trade war".

They also said they would work to resolve USA tariffs on steel and aluminium imports that have agitated European markets. However, the United States protects its truck makers with higher import duties and typically only includes trucks in free trade agreements with a long transition.

Trump secures concessions to avoid US-EU trade war
Juncker said the European Union already imports 35 percent of its natural gas from USA producers, but will work to buy more . Meanwhile, the United States remains embroiled in major trade disputes with China and other trading partners.

While some experts said Europe was going to import more U.S. soybeans anyway, Trump's deal will ease some concerns about the impact of Beijing's sanctions.

Chinese President Xi Jinping said at an global summit in South Africa that the world faces "a choice between cooperation and confrontation", in remarks that criticised escalating USA tariffs on goods from China and other major trading partners. "It had to be very simple", a senior European Union official told The Journal.

Trump's confrontational trade actions, especially against U.S. allies like Canada, Mexico and the European Union, is drawing increasing criticism, and the administration acknowledged on Tuesday that American farmers are being hurt by the retaliatory measures.

Prices of steel have been buoyed by a 25% tariff on the metal. He suggested they're being used as negotiation leverage for better trade deals.

Brussels had already hit back against the metal tariffs, imposing punitive duties on more than $3 billion of USA goods, including blue jeans, bourbon and motorcycles, as well as orange juice, rice and corn. Europe agreed to increase purchases of USA liquefied natural gas and lower trade barriers to American soybeans. The Trump administration has made LNG exports a priority, arguing that they help the economy and enhance geopolitical stability in countries that purchase USA gas.

Following that decision, Trump had troubled meeting with European Union leaders during the G7 summit and during his visit to Europe two weeks ago, where he attended a North Atlantic Treaty Organisation summit. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totalled 335 billion dollars (€285 billion).

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