Backing off auto tariffs, US and European Union agree to more talks

Trump Rose Garden

US President Donald Trump has reached an agreement with European Commission President Jean-Claude Juncker aimed at averting a transatlantic trade war, easing tensions stoked by Mr Trump's threat to impose tariffs on auto imports.

U.S. Rep. Frank Lucas, a Cheyenne Republican who represents Oklahoma's agriculture-reliant western half, says President Donald Trump was right to compensate the farmers and ranchers who are casualties in a trade war the president started months ago. It sounds at least like the European Union is moving towards new purchases of liquefied natural gas, and Trump sounds bullish in the clip below about soybean exports.

Trump and Juncker appeared after a White House meeting, with both sides saying progress was made toward resolving some of the trade issues that have soured the relationship between the USA and the European Union since Trump imposed tariffs on European Union exports of steel and aluminum.

"I had one intention today, to make a deal, and we made a deal".

"We also will resolve the steel and aluminum tariff issues and we will resolve retaliatory tariffs", said Trump.

In a speech to The Veterans of Foreign Wars of the United States on Tuesday, Trump said farmers will eventually be "the biggest beneficiary" of his tariffs.

The Agriculture Department announced it will provide up to US$12 billion in aid to farmers hurt by trade tariffs.

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.

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President Trump is scheduled to hold talk in Washington on July 25 with President of the European Commission Jean Claude Juncker.

The overtures are a last-ditch attempt to persuade him from imposing tariffs on European auto exports to the USA, in what could deal a serious blow to the bloc's economy.

Trump called out the names of several Senators present at the joint press conference.

The Trump administration on Tuesday announced a multibillion-dollar aid package for US farmers caught up in the trade tussle. The other would be a free trade agreement between the US and European Union covering industrial goods, which would amount to a narrower version of the Transatlantic Trade and Investment Partnership pursued by the Obama administration, the European official said.

It said trading nations like New Zealand work best when everyone agrees on the rules of worldwide commerce, and uncertainty caused by trading disputes is the last thing farmers need. 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 USA, according a European Commission assessment obtained by Bloomberg News last month.

On the other side, Democratic Senator Tammy Baldwin released a statement, saying the state of Wisconsin has already lost 500 dairy farmers in the past year. Schinas said "This is an occasion to de-dramatize any potential tensions around trade and to engage in an open and constructive dialogue with our American partners".

President Donald Trump on Wednesday said he struck a deal with European Union officials to avoid a full-blown trade war, causing stocks to soar.

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