Trump, Juncker announce deal pulling back from US-EU trade war

Trump’s confrontational trade actions, especially against U.S. allies like Canada, Mexico and the European Union, is drawing increasing criticism, and the administration acknowledged on Tuesday that American farmers are being hurt by the retaliatory measures.

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

The program will “assist farmers in response to trade damage caused by illegal retaliatory tariffs”, which USDA estimated at $11 billion, Perdue told reporters.

The Agriculture Department announced Tuesday it will provide up to $12 billion emergency aid to the farming industry as President Trump attempts to negotiate new trade agreements. Officials said Congressional approval is not required – only Congressional notification.

Farm state lawmakers and other groups quickly criticized what they called a bailout. Sen.

“When I was invited by the president to the White House, I had one intention. These tariffs are a massive tax increase on American consumers and businesses, and instead of offering welfare to farmers to solve a problem they themselves created, the administration should reverse course and end this incoherent policy”. -European relations, following criticism Trump leveled at the leaders of Germany and the United Kingdom.

Calling it “a new phase” in U.S.

The agriculture sector was already suffering before the president’s tariffs. Earlier in the day, stocks had been mostly flat or down. At current prices, most farmers lose money on corn, dairy, soybeans and pigs.

“If you look at actual American policy toward Russian Federation even after this extremely unusual Helsinki summit, the reality is: USA policy toward Russian Federation is deeply broken, and it’s probably unbalanced, getting a little bit worse”.

“The idea that imports of steel or aluminium from your closest ally could threaten the national security of this country [as Trump had claimed] – this goes against all logic and against all history”, Juncker said.

There’s no sign of a quick resolution to the trade dispute. Both sides will work to decrease industrial tariffs and adjust regulations to allow United States medical devices to be traded more easily in European markets.

Brussels had already hit back against the metal tariffs, imposing punitive duties on more than $3 billion of USA goods, including blue jeans, bourbon and motorcycles, as well as orange juice, rice and corn.

Donald Trump’s trade war with EU may not be over, despite the European Union backing down on threats of tariffs on U.S. goods, as Economist Reinhard Cluse warns the EU should still “worry”.

“USDA will not stand by while our hard-working agricultural producers bear the brunt of unfriendly tariffs enacted by foreign nations”.

He tweeted on Tuesday: “Tariffs are the greatest!” “Tariffs are the greatest!”

An EU official said there was significant pressure from Trump administration officials to increase EU soybean purchases as part of any trade deal.