Published: Mon, July 30, 2018
Money | By Michele Stevens

Trump tells Iowa farmers he's 'opened up Europe'

Trump tells Iowa farmers he's 'opened up Europe'

The leaders also agreed that as long as negotiations were ongoing, "we'll hold off further tariffs and reassess existing tariffs on steel and aluminum", Juncker said.

He said: "We have identified a number of areas on which to work together, work towards zero tariffs on industrial goods".

European Union officials have also downplayed the idea that Juncker is arriving with a novel trade offer.

Juncker said the European Union already imports 35 percent of its natural gas from USA producers, but will work to buy more.

He says past leaders allowed the US trade deficit to balloon and complains: "They surrendered". The United States was following similarly under Mr. Obama through a deal known as Transatlantic Trade and Investment Partnership.

On another front, Trump's administration has hit even its close allies the European Union, Canada and Mexico with levies on steel and aluminum exports to the United States, prompting retaliation against iconic U.S. products including bourbon whisky and orange juice.

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Trump crowed Tuesday that his latest threat had brought Europe to the negotiating table and called on both sides to "drop all Tariffs, Barriers and Subsidies!" "The EU continues to stand up for free and fair trade".

"It's encouraging that they're talking about freer trade rather than trade barriers and an escalating tariff war", said Rufus Yerxa, president of the National Foreign Trade Council and a former US trade official.

The U.S. administration got more out of a trade deal with the European Union than it had expected and the two will work together to deal with China's market abuses, a top White House official told Reuters on Thursday.

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

The company credits Trump's plan to impose tariffs on imported steel and aluminum for the move.

Whatever progress was achieved Wednesday could provide some relief for US automakers.

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Sen. John Hoeven, R-N.D., said he's not a "fan" of tariffs but advocated for improved trade deals. "China made $517 Billion on us past year".

Brussels had already hit back against the metal tariffs, imposing punitive duties on more than $3 billion of US goods, including blue jeans, bourbon and motorcycles, as well as orange juice, rice and corn.

Some analysts said the two sides did little more than agree to more talks, and that Trump was probably responding to concerns by Republicans that they will lose midterm voters over the president's trade policies.

"I think everybody sort of changed what they were going to say", said Sen. The escalating trade war and tariffs on steel and aluminum had put pressure on auto companies' earnings. Pat Roberts, R-Kan.

Trump will meet with steelworkers in Granite City, Illinois, where U.S. Steel recently announced it was firing up a furnace that had been idled for more than two years.

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