Economy

USA wants a fair trade deal, Donald Trump tells European Union leaders - Ireland

USA wants a fair trade deal, Donald Trump tells European Union leaders - Ireland

President Donald Trump and European Commission President Jean-Claude Juncker spoke at the White House Wednesday to say they are negotiating a deal to end most tariffs, trade barriers, and industrial subsidies between Europe and the United States.

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"So, we're starting the negotiation right now but we know very much where it's going".

"We have an outline: the first phase of that as we've said is to deal with the steel and aluminum tariffs, the reciprocal tariffs, will be part one", explained the treasury secretary.

Trump added they would try to "resolve" steel and aluminum tariffs he imposed earlier this year and retaliatory duties the European Union levied in response.

The U.S. and European leaders agreed to work toward "zero tariff" deal, ... following Mr. Trump's threat to slap tariffs on auto imports.

USA import tariffs of 25% on steel and 10% on aluminium, implemented in March, will remain in place during the talks.

United States agricultural products have been a major target of trading partners in response to tariffs the Trump administration has imposed on steel, aluminum, and about $34 billion worth of Chinese goods.

US export prices for soybeans are at least $20 a tonne cheaper than from Brazil for August delivery in northern Europe, traders said.

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"If tariffs were to be imposed then we need to take countermeasures and we are ready for that, we are ready to act immediately and we are ready to react adequately", Winterstein said.

EU Trade Commissioner Cecilia Malmstrom, who is accompanying Juncker, said the EU is drawing up a list of $20 billion in U.S. products to be targeted for retaliation if the trip fails.

Trump will meet with steelworkers in Granite City, Illinois, where U.S. Steel recently announced it was firing up a furnace that had been idled for more than two years.

The Treasury chief also said the administration hopes to work out an agreement with Canada and Mexico to revise the North American Free Trade Agreement "very soon".

Initially it sounded like the former: The headline at CNBC at around 4:30 ET was "Trump Secures Concessions From Europeans To Avoid Trade War: DJ, Citing EU Official".

The United States exported $138 billion in agriculture products in 2017, including $21.5 billion of soybeans, the most valuable export.

Trump had pressed European leaders hard on trade in recent weeks, including during his meetings with North Atlantic Treaty Organisation allies in Brussels.

Tuesday evening, hours before the meeting was to take place, Trump tweeted that he hoped the USA and the European Union could agree to "drop all Tariffs, Barriers and Subsidies". Agricultural products were excluded from the planned negotiations on a tariffs agreement, she said. In announcing the agreement on the White House lawn, Trump said the European Union and the US would "work closely together with likeminded partners to reform the WTO and to address unfair trading practices including intellectual property theft, forced technology transfer, industrial subsidy, distortions created by state-owned enterprises, and overcapacity".