Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank

Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank

Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank

Trump's defense came after his administration announced a plan to provide $12 billion in emergency relief for farmers who have been slammed by the president's trade disputes with China and other countries.

Senior officials at the Department of Agriculture described the aid as temporary relief for farmers impacted by retaliatory tariffs while USA trade representative negotiate long-term deals. He warned that those who pursue "economic hegemony" will "only end up hurting themselves". The newly-introduced tariffs had a particular impact on the EU-produced steel and aluminum, while US President Trump also suggested introducing a 20% duty on all European imported cars.

President Trump is accelerating toward imposing a 25 percent tariff on close to $200 billion in foreign auto imports later this year, the Washington Post reported Wednesday.

The Trump administration has imposed tariffs on $34 billion worth of goods from China. As the dispute escalates, China and other importers have slapped tariffs on incoming shipments of US soybeans, dairy, meat, produce, and liquor.

Farmers have suffered from retaliatory tariffs on farm goods such as pork, beef, and soybeans following Trump's imposition of tariffs.

"We are just kind of being played", said Tom Giessel, who was cultivating his fields when he stopped his tractor to take a cell phone call from a reporter seeking his reaction to the plan. The Trump administration justifies the move on the grounds of national security and a growing trade deficit-arguments those countries dismiss as farcical. "If tariffs punish farmers, the answer is not welfare for farmers - the answer is remove the tariffs".

The Trump administration will provide financial assistance to farmers caught in a trade war initiated by the implementation of tariffs.

Trump told Juncker at the White House that the United States "would be extremely pleased if there were no tariffs or trade barriers with the EU".

Perdue said the programs are a short-term solution giving President Trump time to work out long-term trade deals in the future.

As the man himself said on Twitter Wednesday, any lawmaker who questions his tariffs is "weak".

"We will not go against the spirit of this agreement unless either party terminates this negotiation", the U.S. president said, adding that the next step will be to withdraw USA tariffs on aluminum and steel imposed in May, as well as European Union retaliatory tariffs that followed. "You've got to treat everybody the same".

Corker said farmers want 'trade, not aid'.

"Our farmers have been in nonstop saying they want trade not aid". They are not there to offset bad policy. "No weakness!" Trump wrote. "Negotiations are going really well, be cool. The end result will be worth it!" The USDA said it planned to roll out some of those details around Labor Day and the program would begin to make payouts after the fall harvest.

While wheat harvest is underway, Karmen said corn and soybeans won't be harvested until later in the fall.

Soybeans are likely to be the largest sector affected by the programs.

Soybeans are down 10.22% this year through Tuesday.

Chinese diplomats in the United States, though, were caught off guard by Trump's latest remarks. "I don't think there is enough money in the government to make anybody whole", Ebert said.

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