Trade deal with European Union trade greater in scope than expected - U.S

USDA to provide $12bn to US farmers in response to tariffs

Late yesterday, in a surprise announcement in the White House Rose Garden.

U.S. President Donald Trump and European Commission chief Jean-Claude Juncker agreed on Wednesday to remove duties on industrial goods and boost U.S. soybean and energy exports to Europe, while working to resolve their tariff dispute.

FOUR TRADE PRINCIPLES: High-level trade negotiations will follow the 4 principles agreed to by President Trump and President Juncker.

Juncker says he came to America to make a deal, which they've done.

"If those tariffs continue to be put in place by the United States, we're going to get more and more countries retaliating against agriculture, because we're a big agricultural exporter around the world", Hurt said. "[Car dealers are] already beginning to cancel orders with the manufacturers because they're fearful of tariffs. that can convert to less jobs, and job layoffs". We have a trading partnership that is balanced and works for both sides.

Still, the deal announced on Wednesday with the European Union is an encouraging sign that America's trade partners may be able to placate the Trump administration with offers to buy more United States goods, averting a trade war that the International Monetary Fund has warned may undermine the strongest global upswing in years.

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Dr Patrick Cronin, senior director for the Asia-Pacific programme at the Centre for a New American Security, told The Straits Times: "Europe and the United States are back on the same team with respect to free and fair trade".

"I don't think it's a stupid fight", Lighthizer said of the trade battle with China in heated exchanges in the Senate.

Republicans in Congress have grown increasingly impatient as the president has enacted hard-line trade policies targeting imports from Mexico, Canada, the European Union, and China, to name a few.

In exchange, Trump said he won access for U.S. soybean producers, and for American natural gas.

While Juncker said that both Washington and Brussels will "hold off on other tariffs" while the talks are under way. On Wednesday, Trump leveled the same accusation at China.

"Disaster avoided", said Bart Oosterveld, the director of the global business and economics program at the Atlantic Council.

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Fred Bergsten, senior fellow and director emeritus of the Peterson Institute for International Economics, said an agreement with Europe would allow Mr. Trump to focus on China. Here's hoping Wednesday's truce with the European Union was the first step in de-escalating trade wars that are not in the economic interest of Americans from coast to coast.

It's important to take a step back from yesterday's announcement and recognize what this announcement actually means in the real world.

After a meeting in Washington on Wednesday, the two agreed to launch a "new phase" in relations and work towards zero tariffs.

The sides will also work to resolve US tariffs on steel and aluminum which are hitting the European markets hard. USA companies earn more than twice as much exporting goods to the European Union as they do exporting to China. So far at least, these are all goals rather than actual accomplishments.

That criticism continued on Thursday from an Iowa congressman, and U.S. farm groups announced a multimillion-dollar campaign against tariffs.

However, it "may not be necessary" to impose the tariffs. While this is a positive development, it's hardly the end of the process. Twice already, President Trump's trade representatives have reached what they thought was an agreement with China to avert what could still devolve into a disastrous trade war between the world's two largest economies.

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I called it "a source of inspiration to believe in ideals that transformed us from Jews to Israelis". Among the legislation's other commitments are promises to develop Jewish communities .

Farmers have been suffering from China's retaliatory tariffs on soya beans, and the EU's pledge to buy more soya beans could partly address that. As Steven Erlanger notes in The New York Times, this leaves open the question of whether Europe can trust this President going forward.

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