Republicans and farmers alarmed as Trump trade wars grow

'If We Didn't Trade,' Trump Argues, 'We'd Save a Hell of a Lot of Money' - Hit & Run :

US President Donald Trump has reached an agreement with European Commission President Jean-Claude Juncker aimed at averting a transatlantic trade war, easing tensions stoked by Mr Trump's threat to impose tariffs on vehicle imports.

President Donald Trump is lamenting decades of USA trade policy as he addresses steelworkers in IL.

Trump had placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that the European Union and Canada reject.

Now, Trump has enlisted the European Union to help US soybean farmers to counteract the repercussions of Chinese tariffs, in addition to the $12 billion in aid he has promised for USA farmers.

Trump knows that most of our trading partners don't really want free trade; they want managed trade, where they can get access to US markets while protecting certain industries from USA competition.

Negotiations to lower tariffs and other barriers on industrial products and services would be also launched despite U.S. tariffs on Spain's black olives.

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. But he said reaching a detailed trade agreement with the European Union would probably prove very hard.

"This is a major win for President Trump".

Earlier this week, Trump tweeted, "Tariffs are the greatest!"

The details and mechanisms as well as the timing remain to be worked out, and the impact may not been seen for some time.

Germany's Economy Minister described the agreement - which means Washington will not follow through with a threat to impose tariffs on autos that would hurt the dominant German vehicle industry - as a "breakthrough" that "can avoid trade war".

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But Trump has form in doing U-turns, and U-turns on U-turns, on his own commitments.

The EU commission chief betrayed some scepticism in a remark at a speech in the United States capital later the same day.

One key aspect of the agreement, according to the official who spoke on condition of anonymity, was that the two sides had agreed to work together to tackle China's market abuses.

Heiko Mass, Germany's foreign minister, also reacted cautiously.

"It [Juncker's deal] has made a positive result more likely in the whole discussion between the European Union and the United States in terms of free trade or protectionism", Mass said in Seoul on Thursday. Trump has also accused Beijing of manipulating its yuan currency to give its exporters an edge, a charge rejected by China.

EU Trade Commissioner Cecilia Malmstrom, who accompanied Mr. Juncker, hailed the agreement and said on Twitter that she "will be working hard to take this work forward the coming months".

However, Reuters is reporting that a top German industry group is sceptical, saying the tariffs are not yet off the table and there is still no real resolution.

But he also cautioned that the United States is watching China's currency movements for any sign Beijing is manipulating the yuan. Maria Demertzis, the deputy director of Bruegel, a Brussels-based think tank, told The Post that Wednesday's move didn't reflect the E.U.'s wider efforts to counteract the White House.

Juncker said he had an "intention to make a deal today and we made a deal today".

Trump was accompanied on his Midwest trip by Ivanka Trump, his daughter and senior adviser, who said the president planned to sign legislation next week to reauthorize a program that provides money for job training and related programs for students.

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