Donald Trump Says US And EU Will Work Towards 'Zero Tariffs' Trade

Donald Trump Says US And EU Will Work Towards 'Zero Tariffs' Trade

Donald Trump Says US And EU Will Work Towards 'Zero Tariffs' Trade

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 auto imports.

And on Tuesday, Trump announced plans to impose 10 percent tariffs on an additional $200 billion in Chinese imports by the end of August.

Trump tells workers gathered at U.S. Steel's Granite City Works' Steel Coil Warehouse that other countries were able to target U.S. workers and companies and steal U.S. intellectual property. In response, other nations have slapped retaliatory tariffs on a wide range of US products.

"We had a big day, very big", Mr Trump said at a joint statement with Mr Juncker at the White House on Wednesday, US time.

Responding to farm groups and the Republican discontent, administration officials said they have been working since April on a short-term plan to shore up slipping prices for soybeans, pork and other crops hit with retaliatory tariffs from China.

The aid package will offer much-needed support to farmers caught up in the burgeoning trade war sparked by tariffs Trump imposed on several of US's largest trading partners.

The rhetoric came as the president has engaged in hard-line trade negotiations with China, Canada and European nations, seeking to revise trade deals he says have undermined the nation's manufacturing base and led to a wave of job losses in recent decades.

More news: Trump tweets tariffs ‘are the greatest’ and threatens additional levies

President Donald Trump is lamenting decades of US trade policy as he addresses steel workers in IL. U.S. stocks and bond yields rose on signs of optimism that a U.S. -EU trade war could be avoided.

"We hope that it doesn't come to that and that we can a solution".

On Tuesday, the Trump administration said it will use a Great Depression-era program to pay up to $12 billion to help US farmers weather the growing trade war. Complicating matters further, a number of top European automobile companies, such as BMW and Mercedes, already make many automobiles in the United States, as do Japanese companies such as Honda, Nissan, Toyota and Subaru.

Trump's confrontational trade actions, especially against USA allies like Canada, Mexico and the European Union, is drawing increasing criticism, and the administration acknowledged on Tuesday that American farmers are being hurt by the retaliatory measures. "I just don't think tariffs are the way to go, and our members are making that pretty clear". The problem is, they haven't been getting good prices because of the restrictions of other countries in place on their productivity. Also pictured, from right, is Treasury Secretary Steven Mnuchin and Commerce Secretary Commerce Wilbur Ross.

Earlier, Mr Trump accused China of "vicious" tactics on trade.

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

Some outside advisers have privately urged Commerce officials to tailor any restrictions so that they only affect advanced technology used in cars and not the cars themselves, creating an opening for USA companies without inadvertently driving up broad costs on consumers.

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