Tuesday, 14 August 2018
Latest news
Main » US, EU to first tackle steel, aluminum tariffs: Secy Mnuchin

US, EU to first tackle steel, aluminum tariffs: Secy Mnuchin

30 July 2018

"We just opened up Europe for you farmers".

The US and European Union would also work together to reform the WTO and address unfair trading practices, they said in a joint statement. Daniel Ikenson, director of trade studies at the libertarian Cato Institute, warned that the fight could flare up again if Trump grows impatient with Europe.

The upcoming negotiations between the USA and Europe are not guaranteed to produce an agreement that significantly reduces trade barriers.

The tone was friendlier than it has been.

He told broadcaster Deutschlandfunk that the two could try to forge a lighter version of the planned US-European trade deal known as the Transatlantic Trade and Investment Partnership (TTIP).

An unnamed official said the European Union sided with Mr Trump over the recent imposed tariffs on Chinese imports, and agreed to cooperate with the United States to end Beijing's unfair trade practices. But we have to do it.

More news: European Union agrees to buy more United States soy, import more liquified gas

But he also cautioned that the United States is watching China's currency movements for any signs Beijing is manipulating the yuan.

"This was a very big day for free and fair trade", Trump said at a press conference after the pair's meeting.

After tweeting Tuesday that "Tariffs are the greatest!", Trump moved to soften the blow of his policy. Oh wait ... he's not political-minded, but business-mined, that explains it ... German Finance Minister Peter Altmaier, for instance, called it a "breakthrough".

Juncker will not arrive in Washington with a specific trade offer, the commission said on Monday.

He says past leaders allowed the USA trade deficit to balloon and complains: "They surrendered".

He said the administration is now focused on resolving the steel and aluminum tariffs.

More news: Manchester City boss Pep Guardiola says more records 'impossible'

He said US farmers will bounce back, needing the aid only because they had not expected the foreign response to USA tariffs.

Whatever progress was achieved on Wednesday could provide some relief for United States carmakers. General Motors had slashed its outlook, and shares of Ford and auto parts companies had fallen.

The US has since been in a faceoff with its allies and other major trading partners, who have imposed billions of dollars worth of tariffs on American products.

He is particularly keen to shore up support among influential soybean farmers, who have been hit by Chinese sanctions - which came in response to Trump's own tariffs on Chinese goods.

The EU is stepping in to ease some of US farmers' pain. Trump and Juncker would have the European Union buying more liquefied natural gas and soybeans from the USA, and the two sides would begin a "dialogue to reduce differences on regulatory standards between the two economies", Mr. Trump said.

The truce might prove to be short-lived if the two sides can not resolve their differences over trade in vehicles and auto parts, he said. "China made $517 Billion on us past year".

More news: Wisconsin Soybean Farmer Reacts To Trump's Agreement With EU

Larry Kudlow, Trump's chief economic adviser, put the best spin on it he could in an appearance on "CBS This Morning".

US, EU to first tackle steel, aluminum tariffs: Secy Mnuchin