I open up Europe for U.S. farmers

I open up Europe for U.S. farmers

The deal was otherwise vague and no tariffs have yet been lifted.

Qualcomm needed Beijing's approval because China accounts for almost two-thirds of its revenue, but a deadline at yesterday in Asia passed without word from China's regulator. As the man himself said on Twitter Wednesday, any lawmaker who questions his tariffs is "weak".

The breakthrough came as the bitter trade dispute between the USA and China appeared to have claimed a casualty, with China not approving U.S. chipmaker Qualcomm's takeover of NXP Semiconductors, likely shutting the door on the US$44 billion (S$60 billion) deal. "The EU is going to start to buy a lot more soybeans", Trump proudly declared.

He also tweeted: "Great to be back on track with the European Union".

At the start of this month, China retaliated against Trump by imposing its own 25 per cent tariffs on key U.S. products, primarily made in the Midwest states most loyal to the President. Because already now the European Union is importing 35 per cent of its soya beans consumption from the US.

But earlier this week, long before any wins could be tallied, the administration had to scramble together $12 billion to bail out American farmers now being crushed by retaliatory tariffs imposed on American exports, particularly by China.

President Trump and President Juncker pledged that both countries would uphold the spirit of the agreement, unless negotiations were terminated. "Great for global economy", tweeted German Chancellor Angela Merkel's economy minister, Peter Altmaier.

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Fourth, we will join forces with like-minded partners and address unfair trade practices.

Facing hard congressional elections later this year, Trump traveled to the farm state of Iowa to promote an apparent trade truce with the European Union.

"So we had a big day, very big", the United States president said on Wednesday, standing alongside European commission president Jean-Claude Juncker.

The EU official said the European Commission, which negotiates EU trade deals, would still need backing of the 28 members it represents and that could take a "a few months". The Europeans also agreed to import more USA soybeans. Trump could impose auto tariffs on national security grounds once Commerce Secretary Wilbur Ross completes a required investigation, which could come anytime before a deadline by early next year.

The two leaders did not specifically mention vehicle tariffs in their statements, keeping the focus on other industrial products. Last week, Trump said he was ready to impose a "tremendous retribution" against the EU. "We are ready to invest in infrastructure and new terminals, which could welcome imports of energy from the United States and elsewhere, but mainly from the United States, if the conditions were right and prices competitive", he said.after the White House meetings.

The economic relationship between the United States and Europe is the largest and most important in the world. "Also, they will be buying vast amounts of LNG!"

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