Trump secures concessions from European Union to avoid trade war

Thursday, 26 Jul, 2018

President Donald Trump is calling China "vicious" on trade and says it is targeting US farmers specifically because "they know I love & respect" them.

The aid package, set to begin in September, is mostly created to help soybean farmers, dairies and pork producers. He also sells about 6,000 pigs a year.

The Trump administration's move on Tuesday to help farmers hurt by the trade wars has not stopped the barrage of criticism it has faced over its underlying trade policy.

China cancelled almost $140 million in soybean contracts at the end of June, according to USA lawmakers. Every third row of soybeans in Iowa is exported. Debt-to-income ratios for farmers are at a 34-year high. Soybean prices were already falling, dropping 19 percent since early May to a 10-year low and corn is down more than 15 percent. On July 24, Trump called for patience and the need to "stick it out".

Schlosser said he had been "transitioning" his farm to his son, but the future doesn't look good for young farmers now, he said. "I have met him frequently and know how to deal with him".

European Commission's spokesperson Margaritis Schinas said on Monday that Juncker did not intend to make particular proposals regarding the mutual trade at the meeting with President Trump. "So we have to reduce prices down to where they were prior to the tariff", Sandison said.

They also agreed to increase trade in services and agriculture, including greater U.S. soy bean exports to the EU.

"Both the USA and the European Union drop all Tariffs, Barriers and Subsidies!"

Others criticized the $12 billion relief package, saying the money is essentially a taxpayer-funded bailout for farmers.

"This is an election ploy".

"The aim is to figure out what the ask is, we don't yet have a clear picture of what the administration wants", the official said.

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Meanwhile, the first diplomatic source said, US-China diplomacy is progressing only on the sub-national level, between US state governors and their Chinese counterparts and potential investors.

Perdue said the programs are a short-term solution giving President Trump time to work out long-term trade deals in the future.

On Tuesday, Trump declared on Twitter that "tariffs are the greatest!" He writes: "Negotiations are going really well, be cool".

"This friction that we're having, as long as it results in lowering barriers. that's great, that is hopefully where we can end up with this".

This year's soybean crop could yield a record harvest for IL soybean farmer Dave Kestel. As I've said all along, nobody wins in a trade war.

"I do believe long term, it'll be better for everyone", Kestel said.

"To repeat, this damage is self-inflicted, so the Administration is right to take steps to address it, but the next step should be ending the trade war", the statement read.

Some farmers expressed concern that few details have been released. I don't want bailouts.

In the Midwest, much of the local news coverage has focused on soybean farmers.

A "trade promotion program" will work to find new markets for USA agricultural products.

"There is a tendency for a little bit of Trump piling on", he said. The EU has a huge stake in the US industry, where European companies produce nearly 3 million cars a year, accounting for over a quarter of production in the United States.