Trump’s Trade Peace with Europe has Nostalgia of Obama’s Path

Posted July 30, 2018

A joint statement delivered by Trump, with Juncker standing by his side on the White House south lawn, said that the two sides would work towards "zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods".

During the visit Europe pledged to buy billions of exports from the U.S. for a stay of execution on vehicle tariffs. It already has duty-free access to the European Union market for soyabeans, with the only significant barrier to trade being the fact that some of the GM soya varieties produced in the United States are not (yet) authorised by the EU.

On the NAFTA talks with Mexico and Canada, Mnuchin said he was "hopeful that we'll have an agreement in principal in the near future".

"China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S.", Trump said on Twitter, while his protectionist trade policies face increasing criticism from within his own Republican Party.

Leading Brexiteer Jacob Rees Mogg
Leading Brexiteer Jacob Rees Mogg

"We will work toward zero tariffs ... zero on tariff barriers, and zero subsidies on non-auto industry goods", the president said.

Auto tariffs at that level would add about 10,000 euros (US$11,700) to the sticker price of a European-built vehicle sold in the United States, according a European Commission assessment obtained by Bloomberg News last month.

Trump told reporters it was a "very big day for free and fair trade" and later tweeted a photo of himself and Juncker in an embrace, with Juncker kissing his cheek. He reiterated that no new tariffs would be imposed during the negotiations and if the U.S. concluded an agreement, "there would be no vehicle tariffs on the European Union".

The company credits Trump's plan to impose tariffs on imported steel and aluminum for the move. He suggested they're being used as negotiation leverage for better trade deals.

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That would cut USA imports of European cars and auto parts in half, the commission said.

Trump's confrontational trade actions, especially against United States 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.

However, market watchers said that Europe has already been a heavy buyer of USA soybeans since prices plunged in June as China has largely stopped buying them in retaliation for trade measures that Trump has targeted at Beijing.

Ivanka Trump says it will help 11 million students and workers across the country acquire the technical skills they need to thrive in an increasingly digital economy.

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"But one thing is sure: if the U.S. imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt".

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.

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