USA farmers to receive up to US$12B in trade war relief

USA farmers to receive up to US$12B in trade war relief

Highlighting the complexity of Wednesday's talks, hours before Trump called for the elimination of all tariffs, he had tweeted that "tariffs are the greatest".

President Donald Trump speaks with Jean-Claude Juncker, president of the European Commission, during a joint statement about how the US will work with the European Union to try and eliminate trade tariffs, in the Rose Garden of the White House on Wednesday.

The tone between Trump and Juncker was friendly, a marked turnabout from the harsh rhetoric the European Union and US have exchanged in recent weeks.

The Trump administration is crafting a $12 billion emergency aid package to help farmers affected by tariffs on their crops, the U.S. Department of Agriculture said Tuesday.

Senior officials at the Department of Agriculture described the aid as temporary relief for farmers impacted by retaliatory tariffs while US trade representative negotiate long-term deals.

Initially it sounded like the former: The headline at CNBC at around 4:30 ET was "Trump Secures Concessions From Europeans To Avoid Trade War: DJ, Citing EU Official".

Meanwhile, China's President Xi Jinping on Wednesday said that there would be "no winner" in any global trade war, in a direct warning to Mr. Trump. But we have to do it.

"We agreed that no other tariffs would be introduced as long as we are in the negotiations", Juncker said during a speech in Washington after his press conference with Trump.

Trump told reporters it was a "very big day for free and fair trade" and vowed to "resolve the steel and aluminum tariff issues and we will resolve retaliatory tariffs".

More news: Trump backs Putin on election meddling

Being described as a short-term solution, the US Department of Agriculture (USDA) will authorise up to $12 billion in programmes, which is in line with the estimated USD 11 billion impact of the unjustified retaliatory tariffs on US agricultural goods. In a series of tweets on Wednesday, he called his critics "weak" and said: "Negotiations are going really well, be cool.

I had the intention to make a deal today, and we made a deal today", Juncker said. We will therefore work closely together with like-minded partners to reform the WTO and to address unfair trading practices, including intellectual property theft, forced technology transfer, industrial subsidies, distortions created by state owned enterprises, and overcapacity.

Trump also won a commitment to work together to reform the World Trade Organisation to address some of his complaints about China on theft of USA technology, the behavior of state-owned enterprises, and overcapacity in steel.

Trump has in recent months engaged in a multifront trade confrontation, imposing steep tariffs on steel, aluminum and tens of billions of dollars in Chinese goods, which sparked swift retaliation against key USA farm products like soy and pork.

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that allies such as the European Union and Canada reject. China made $517 Billion on us past year, ' the president added.

Trump's threat to impose tariffs on auto imports would hit European carmakers BMW Daimler and Volkswagen hard, as well as Japanese and South Korean vehicle companies.

Trump's progress with European Union leaders was greeted by farm-state lawmakers who have been concerned about the impact of retaliatory tariffs on soybeans and other crops.

"This is becoming more and more like a Soviet type of economy here: Commissars deciding who's going to be granted waivers, commissars in the administration figuring out how they're going to sprinkle around benefits", said Sen. He said the world is "still in wait-and-see mode" on auto tariffs, citing recent articles saying Trump wants to impose them.

"Experience has shown that trade wars and all this tit-for-tat is devastating to the (agriculture) economy and drives prices down", said Richard Schlosser, who grows soybeans, corn and wheat in Edgeley, in southwest North Dakota.

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