Touting EU deal, Trump claims Europe now 'open' to USA farmers

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Three of the world's biggest auto makers have claimed that trade policy changes are having a negative impact, with Ford, General Motors and Fiat Chrysler Automobiles all reporting lower profit or revenue forecasts.

Juncker said the two sides agreed that as long as they were negotiating on trade, they would hold off on further tariffs, including potential U.S. tariffs on cars and auto parts.

President Donald Trump said in Iowa on Thursday that he just opened up the European market to USA farmers.

"They're going to take over the Chinese market and we'll be out".

"We agreed that no other tariffs would be introduced as long as we are in the negotiations", Juncker said during a speech in Washington after his press conference with Trump.

The "deal" is short on details and commitments, but includes talks meant to eliminate tariffs on industrial goods. Trump urged Europe to opt instead for US LNG supplies.

Earlier this week, the Minneapolis district of the Federal Reserve Bank - which includes industrial and farm states - reported that there was "growing concern" about "steep increases in aluminum and steel costs in reaction to tariff announcements". We trade roughly one trillion dollars' worth of goods and services every year - that is almost a third of global trade.

The moment Toronto gunman opens fire
Toronto Mayor John Tory told reporters that the city has a gun problem and guns were too readily available to too many people. Toronto Police officers stand watch at Danforth St.at the scene of a shooting in Toronto , Ontario, Canada on July 23, 2018.

Still, the deal announced on Wednesday with the European Union is an encouraging sign that America's trade partners may be able to placate the Trump administration with offers to buy more USA goods, averting a trade war that the International Monetary Fund has warned may undermine the strongest global upswing in years.

Trump hosted Juncker at the White House this week to discuss trade and tariffs less than two weeks after Trump dubbed the European Union (EU) a USA trade "foe" in a "CBS Evening News" interview with anchor Jeff Glor.

GM is only the latest company to blame lower-than-expected profits on either the Trump administration's tariffs or on tariffs that other nations have imposed in response to the Trump administration's tariffs.

After the meeting, Trump declared a "new phase in the relationship" between the two trading blocs, and said: 'We are starting the negotiation right now but we know very much where it's going'. And Trump has since threatened to levy hefty tariffs on European Union automobile imports. "This is a real vindication of the president's trade policy", he said.

On Monday, at an event to celebrate US-made goods, Trump told his audience: "They're coming in to see me Wednesday and we'll see if we can work something out".

The U.S. Department of Agriculture announced $12 billion in aid this week to help farmers hurt by retaliation to the Trump administration's tariffs on foreign goods. "That would be very worrisome, that would be rewarding Trump threats on tariffs", said Rem Korteweg, head of the Europe in the World unit at think-tank Clingendael.

"It is not the European Commission that buys, but the industry, and traders who look for goods where they are the least expensive for their financial interests", one European soybean trader said.

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