Economy

European Union meeting puts Trump's 'master strategist' side on full display

European Union meeting puts Trump's 'master strategist' side on full display

He said Trump's plan to pour $12 billion into the farm economy - in a year in which the federal government's deficit is expected to approach $1 trillion - was an attempt to paper over a huge political problem for Republicans.

"We do want trade and not aid, and whether it's soybean farmers, or dairy, or ginseng or cranberries".

"Farmers would prefer not to be subsidized".

The president also threatened to impose 20 percent tariffs on European cars imported to the USA, which resulted in Juncker's trip to Washington to talk with Trump. More recently, numerous USA allies have tried to reboot the drive for reforms.

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. The $2 decrease in soybeans amounts to almost a half billion dollars in lost revenue, the study concluded.

Despite the market optimism in the wake of the pact, much remains to be resolved. "What we're seeing now is a direct hit to not only farmers, but to our rural communities and all of Missouri", Hurst said. The Trump administration is also preparing another round of tariffs on Chinese goods worth $200 billion, it announced earlier this month. 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.

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

China should be anxious about further tariffs, strategist says UBS analysts warned Friday that equity investors are not preparing for a trade war scenario, mainly due to recent statements from US and European leaders.

However, most have been more reserved in their praise and have called on the administration to do more than provide temporary relief, such as Casey Guernsey, Spokesperson for Americans For Famers & Families.

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On Air Force One, where he accompanied Trump on his way to the Granite City Works, Commerce Secretary Wilbur Ross was asked by reporters to address the contrasting outcomes of the president's tariff policies: While U.S. Steel is restarting production of raw steel in the Metro East, the Mid Continent Nail plant in Poplar Bluff, about 160 miles south, is laying off workers because the cost of raw materials, from Mexico, has climbed 25 percent.

The president gained major trade concessions Wednesday after he hosted European Commission President Jean-Claude Juncker at the White House. 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.

"I think a lot of farmers are saying 'I just want to farm, and I just want to sell my goods.' But they also recognize what's happening in the world", said Rep. Duffy.

In an interview with CNBC that aired Friday morning, Trump renewed his threat to ultimately slap tariffs on a total of $500 billion of imports from China-roughly equal to all the goods Beijing ships annually to the United States.

"Those beans are going to come from somewhere".

Putze said the European Union announcement offers "positive energy" in an otherwise down agricultural market, but the lack of detail creates uncertainty.

The officials said payments couldn't be calculated until after harvests.

It is not just the impact on China's export sector through lost output, investment and jobs, but the likely knock-on effects to consumer confidence and retail spending as activity cools. "And its auto industry would also be exposed to higher trade barriers in the United States; 10% of its exports go to the country".

Now, Trump has enlisted the European Union to help USA soybean farmers to counteract the repercussions of Chinese tariffs, in addition to the $12 billion in aid he has promised for US farmers.


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