Europe welcomes U.S.-EU trade respite, Trump delays auto duties

28 July, 2018, 20:42 | Author: Lora Ball
  • Touting EU deal Trump claims Europe now'open to US farmers

Qualcomm needed Beijing's okay because China accounts for almost two-thirds of its revenue, but a deadline at midday on Thursday in Asia passed without word from China's regulator.

China has threatened to retaliate dollar for dollar, and its refusal to sign off on regulatory approval caused a $44 billion deal from Qualcomm Inc (QCOM.O) to buy NXP Semiconductors (NXPI.O) to fall apart, a move that showed USA companies were being targeted unfairly, Mnuchin said.

As U.S. soybean farmers have struggled against retaliatory tariffs, Juncker said the European Union "can import more soybeans from the U.S. and it will be done". Sources close to the US President told reports that Trump may still be planning to go through with a threatened 20% tariff on European auto imports.

Trump later tweeted that work on documents was "moving along quickly", adding that the meeting with Juncker had "great warmth".

Juncker said he had an "intention to make a deal today and we made a deal today".

It was hard to say, given Mr. Trump's bluster and unpredictable negotiating style, if the agreement was a genuine truce or merely a lull in a conflict that could flare up again.

He also said that the pact established the "resolution" of the U.S. tariffs on European steel and aluminium that had sparked a trade brouhaha between Brussels and Washington, although neither Trump nor Juncker specified whether these would be immediately annulled.

European governments and EU officials hailed the Trump-Juncker agreement as a major success. "The trade between us creates jobs on both sides of the Atlantic - 6.9 million of them in the United States, 4.7 million jobs in the European Union".

The late-afternoon news that the meeting had eased transatlantic trade tensions fed a powerful late rally on Wall Street.

United States stocks closed the day mostly lower on Thursday, despite rallying after the announcement, as investors were cautious that the trade threat had fully receded.

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Reaction from trade partners to Trump's tariff policies have pushed soybean prices about 18 percent lower and corn and pork prices down 15 percent from the time Trump began discussing tariffs this spring.

The Republican president has long complained that the WTO has been unfair to the United States, despite the fact the U.S. has won most of the disputes against China and others.

The Alliance of Automobile manufacturers, a trade group representing both domestic and foreign-brand automakers, welcomed the agreement to hold talks instead of impose tariffs, saying the announcement "demonstrates that bilateral negotiations are a more effective approach to resolving trade barriers, not increasing tariffs".

First, we will work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-automotive industrial goods. China is the largest buyer of USA soybeans and one of the largest importers of US pork.

From the National Association of Farm Broadcasting News Service.

The United States and the European Union account for about $1 trillion in transatlantic trade, and on Wednesday the leaders agreed to work towards eliminating all tariffs, trade barriers and subsidies.

"A breakthrough has been quickly made that nobody thought possible", Mr Trump wrote, marking a turnaround from July 15, when he called the European Union a "foe" on trade.

The breakthrough came as the bitter trade dispute between the USA and China appeared to have claimed a casualty, with China not approving United States chipmaker Qualcomm's takeover of NXP Semiconductors, likely shutting the door on the US$44 billion (S$60 billion) deal. "So we're used to paying detrimental duties and taxes on imports - it's something we've done for a long time", he said.

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".

This will help diversify Europe's energy supply and strengthen the strategic cooperation between America and Europe.

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