President Trump says US, EU aiming for ‘zero tariffs’

Alicia Cross
July 26, 2018

After tweeting that "Tariffs are the greatest!" he suggested hours later in another post that "both the US and the European Union drop all Tariffs, Barriers and Subsidies!"

German producers and supplies employ more than 118,000 people at about 300 plants and manufacture more than 800,000 vehicles per year in the USA - with more than half of the cars being exported, according to figures provided by the German automotive industry.

In a speech to in Kansas City, Missouri on Tuesday, the president aggressively defended his trade policies. After Trump hit China with tariffs, they responded with a 179 percent retaliatory tariff on USA sorghum.

The aid is meant to serve as temporary boost to farmers as the United States and China negotiate over trade issues. "I have met him frequently and know how to deal with him".

Chinese President Xi Jinping said at an worldwide summit in South Africa that the world faces "a choice between cooperation and confrontation", in remarks that criticized escalating US tariffs on goods from China and other major trading partners. She said her bill would come at "no additional cost" while Trump's plan will only scratch the surface of farmers' losses.

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that the European Union and Canada rejects. More than 80 witnesses are scheduled to testify during a two-day trade hearing starting in Washington Tuesday focused on products from resins and chemicals to large freight containers, electric bicycles and vaping devices. "This is about helping them until we get there". "I've got some real concerns".

While the U.S. claims the retaliation is "illegal", the Trump administration has acknowledged it is doing damage to American farmers, and announced it will provide up to $12 billion in aid to farmers hurt by trade tariffs.

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President Trump "has promised that he had the back of every American farmer and rancher", Perdue said. House Speaker Paul Ryan of Wisconsin said lawmakers are making the case to Trump that tariffs are "not the way to go". The move was retaliation for tariffs the United States placed on Chinese goods, mostly targeting the aerospace, robotics and machinery industries. Both the US and the European Union drop all Tariffs, Barriers and Subsidies! "Hope they do it, we are ready - but they won't!"

USA farm profits were already projected to reach a 12-year low before any trade actions were announced.

But more voices including in Trump's own Republican Party are coming out against his confrontational stance.

"These tariffs are a massive tax increase on American consumers and businesses, and instead of offering welfare to farmers to solve a problem they themselves created, the administration should reverse course and end this incoherent policy", Corker said.

Thomas Simons, money market economist at Jefferies & Co, said: "Trade war type headlines have been the biggest driver of market sentiment - both for Treasuries and stocks - for quite a while now".

"This friction that we're having, as long as it results in lowering barriers. that's great".

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