Is Trump Winning His Trade War With Europe?

Jean-Claude Juncker and Donald Trump

Flickr Creative Commons EU2017EE CC BY 2.0/Gage Skidmore CC BY-SA 2.0

Seeking to quell unrest, the White House this week announced a package of $12 billion in aid to farmers being hurt by the trade wars. "The administration clobbers farmers with an unnecessary trade war then attempts to assuage them with taxpayer handouts".

"Farmers would prefer not to be subsidized".

On July 24, the Trump administration unveiled its plan to offer $12 billion in aid to American farmers affected by retaliatory tariffs imposed by its trading partners in response to the growing USA -initiated trade war.

In addition, the USA runs a trade deficit with the EU, which means Americans buy more stuff from the Europeans than vice versa.

Local downstream manufacturers that rely on steel and now have to pay higher prices for it have suffered - such as Mid Continent Nail Corporation in a nearby Missouri town, for example, which had to lay off more than 100 workers this summer due to the tariffs.

China has threatened to retaliate dollar for dollar, and its refusal to sign off on regulatory approval caused a $44 billion deal from Qualcomm Inc to buy NXP Semiconductors to fall apart, a move that showed USA companies were being targeted unfairly, Mnuchin said.

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On July 6, the USA tariffs on some $34 billion worth of goods imported from China went into effect. China has struck back with duties on soybeans and pork, affecting Midwest farmers in a region of the country that supported the president in his 2016 campaign. "But one thing is sure: if the United States imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt".

U.S. Sen. Pat Toomey, a Lehigh County Republican, was among those unhappy with that solution.

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"On a conference call with reporters Tuesday, administration officials said they expect the infusion of money to be a one-time shot that will not extend into next year", an NBC News analysis reported.

In a USDA press release, U.S. Secretary of Agriculture Sonny Perdue stated that this aid package was meant to be a short-term solution to "protect agricultural producers while the Administration works on free, fair, and reciprocal trade deals to open more markets in the long run to help American farmers compete globally".

The day after announcing the emergency aid, Trump and European Commission President Jean-Claude Juncker agreed to work toward "zero tariffs" and "zero subsidies" on nonautomotive goods. Although no specifics were provided, the talks were considered positive and European purchases of soybeans were held out as a way to ease pressure from the tariff war.

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When pressed by the interviewer on how long the farmers could continue to deal with the economic impact of Trump's tariffs, another farmer responded: "Well, the Scottish in me says, to the death".

The longevity of this new truce in the transatlantic trade confrontation is hard to predict, but public opinion data suggest it may depend as much on the politics of trade in the United States as it will on the substantive outcome of these forthcoming negotiations.

"Those beans are going to come from somewhere".

"[Trump]'s a great negotiator, he did a good job", said Rep. Roger Williams, R-Texas about the move to soften the administration's stance on some goods.

Soybeans are likely to be the largest sector affected by the programs. Farmers face a almost 20 percent drop in the price of soybean harvests this year and more than 15 percent drop in the price of corn, according to the Association. It agreed to a comprehensive framework involving market access for U.S. agricultural products and services.

On July 30, China's Foreign Minister Wang Yi met with the U.K.'s new Foreign Minister Jeremy Hunt.

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"I think we could see bigger problems next year", Barnaby said. The import tariff on automobiles has been cut from 25 per cent to 15 per cent.

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