Republicans visiting White House surprised by European Union trade announcement

Nebraska senators react to $12B plan to assist farmers affected by tariffs

Nebraska senators react to $12B plan to assist farmers affected by tariffs

Juncker, after Trump imposed tariffs on steel and aluminum imports, said in March that "this is basically a stupid process, the fact that we have to do this". After $34 billion in tariffs against China went into effect earlier this month, China responded with its own equivalent tariffs soon after, targeting USA agricultural products including soy, corn, wheat, pork, poultry and more.

The threat of a transatlantic trade war between the USA and Europe seems to have diminished following a successful meeting between Donald Trump and European Commission chief Jean-Claude Juncker last night.

Expectations of the announced deal, with reporters summoned to the Rose Garden for an announcement, sent the stock market soaring. 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.

"We're still optimistic things are going to turn around and that the president is going to continue negotiating with these other countries and come to some sort of agreement with them that opens the markets back to full, fair and free trade", he said.

Minutes later, at a conference at the Center for Strategic and International Studies, Juncker said that the agreement emphasised the "special" nature of the alliance between the U.S. and the European Union going on to stress that trade between the two parties comprises half of all global commerce.

The deal eases tensions for now stoked by Trump's threat to impose new levies on auto imports.

Though details remain sketchy, it seems too soon to call this a truce in the trade war-more like an agreement to stop further escalations of the conflict, at least for now, in the hopes that a truce can be worked out. And Democratic Senator Heidi Heitkamp, from North Dakota, argued that the sum would be vastly insufficient if the trade war escalates.

Mr Juncker also claimed victory, saying a pledge by the USA to hold off on tariffs against cars built in the European Union was a "major concession". "As long as the steel and aluminum tariffs are ongoing, the European Union will not negotiate on a high-level basis".

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Turning and walking away from the lectern the US President reached his hand out to the President of the European Commission.

Farmers have been a particular target in the current clash over trade policy as other countries seek to retaliate for US duties on Chinese goods as well as on steel and aluminum imports from the European Union, Canada and Mexico.

The US and European Union account for about $1 trillion in transatlantic trade, and tensions spiked leading up to Wednesday's high-stakes talks. "And we are going to be pushing the administration for a long-term solution".

Senator Ben Sasse, a Nebraska Republican, said in a statement: "This trade war is cutting the legs out from under farmers and White House's "plan" is to spend $12 billion on gold crutches".

The two sides agreed to agree in the near future on the tariff question.

He said the EU had agreed "almost immediately" begin buying more U.S. soybeans and that the European bloc had agreed to increase LNG exports from the U.S. The EU will be a "massive buyer" of LNG, Mr. Trump said.

Administration officials said the aid will ease the pain farmers have felt as America's trading partners slapped tariffs on agricultural exports in response to the Trump administration's tariffs on steel and aluminum.

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