Trump, European Union leaders pull back from trade war

Trump says ‘drop all tariffs’ with European Union — hours after tweeting ‘tariffs are the greatest’

The details of the deal brokered with European Commission chief Jean-Claude Juncker on Wednesday remain unclear and subject to differing interpretations, but the EU did ward off a new round of U.S. tariffs on autos and received a pledge to roll back duties on steel and aluminum. "The federal government feels reinforced in its attitude that tariffs must be reduced not increased".

"It's encouraging that they're talking about freer trade rather than trade barriers and an escalating tariff war", said Rufus Yerxa, president of the National Foreign Trade Council and a former U.S. trade official.

Trump had in recent weeks suggested he would put new tariffs on cars - and vehicle parts - imported from Europe.

In May, analysts recall, Treasury Secretary Steven Mnuchin announced a cease-fire in a trade war with China after Beijing - like the European Union on Wednesday - had agreed to buy more US soybeans and liquefied natural gas.

He says he'd prefer there be no tariffs or barriers at all. But those tariffs covered about $3 billion in goods and would pale in comparison with possible 25 percent tariffs on imports of cars, trucks and auto parts.

The European leaders have warned they're ready to put tariffs on $20 billion of American goods if Trump puts the duties on vehicle imports.

President Donald Trump will delay a second summit with Russian leader Vladimir Putin until next year, the White House announced.

Earlier Wednesday, the Senate's No. 2 Republican, John Cornyn of Texas, said he expected the meeting would focus on trade - with an "expression of concern about the endgame". The administration recently announced a $12 billion temporary aid package for farmers - including soybean producers - dealing with the impact of retaliatory tariffs.

Trump did ask about the confirmation process for Supreme Court nominee Brett Kavanaugh, McConnell said.

Donald Trump strikes trade deal with E.U
High tariffs disrupt normal marketing patterns, affecting prices and raising costs by forcing commodities to find new markets. After emerging from the White House, he described his talk with Mr Trump as a "good and constructive meeting".

The president has ordered the U.S. Commerce Department to investigate whether auto imports pose a threat to U.S. national security that would justify tariffs or other trade restrictions. "But the longer this goes on, the harder it gets", Lindsey said.

He said "unilateralism and protectionism are mounting", which he said hurts world trade.

Rufus Yerxa, the president of the National Foreign Trade Council, which represents exporters said that most of the agreement is matter we were already on the cusp of agreeing on in the T.T.I.P. dialogue before the deal was abandoned after Trump's election. The frequent Trump critic and 2016 rival for the GOP presidential nomination spoke as the 12-day Ohio State Fair opened in Columbus.

The breakthrough came as the bitter trade dispute between the United States and China appeared to claim a major casualty, with China not approving USA chipmaker Qualcomm Inc's takeover of NXP Semiconductors, likely shutting the door on the $44 billion deal.

US farmers have been hurt by China's retaliatory tariffs on American soybeans amid an escalating trade fight between Washington and Beijing, and Trump has been promising relief.

Executives with the Milwaukee company spoke with investors Tuesday for the first time since announcing last month that production of motorcycles sold in Europe would move overseas in order to avoid retaliatory tariffs the European Union is imposing on American exports. "The end result will be worth it!" "We were being nice - until now!"

Russia's Gazprom PJSC, which provides more than a third of Europe's natural gas through pipelines from vast and cheap-to-operate Siberian fields, has repeatedly said USA supplies will just be "drops".

The GOP lawmakers say farmers want markets for their crops, not payoffs for lost sales and lower prices. Administration officials deny that the plan is a bailout.

Auto tariffs would escalate global trade tension dramatically: The U.S. last year imported $192 billion in vehicles and $143 billion in auto parts - figures that dwarf last year's $29 billion in steel and $23 billion in aluminum imports.

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