Steel stocks are getting whacked on optimism for US-EU trade

30 July, 2018, 07:12 | Author: Lora Ball
  • Top Tories have told Theresa May she needs to “take lessons” from Donald Trump

Mr. Juncker, who had been somewhat defiant ahead of the meeting, said afterwards: "I had the intention to make a deal today". And the European Union agreed to buy more US soybeans and to build more terminals to import liquefied natural gas from the United States. A formal proposal would only come after the US Commerce Department completed its investigation into whether auto imports threaten national security. Turning a page, agreed to facilitate trade between us, looking at zero tariffs on industrial goods, energy and regulatory cooperation.

Trump also won a commitment to work together to reform the World Trade Organization to address some of his complaints about China on theft of U.S. technology, the behaviour of state-owned enterprises, and overcapacity in steel. "This is not yet the result we are aiming for but it has made a positive result in the whole discussion. on free trade or protectionism more likely than before", Foreign Minister Heiko Maas said in Seoul.

Iowa is among the nation's leading producers of soybeans, and the Northeast Iowa event came on the heels of the Agriculture Department's announcement of $12 billion in temporary aid to help farmers deal with retaliatory tariffs from USA trading partners. Both the USA and the European Union drop all Tariffs, Barriers and Subsidies!

The president has repeatedly called the European Union - which includes numerous U.S.' oldest and most committed allies - an unfair trading partner and even labeled it a "foe".

He said US farmers will bounce back, needing the aid only because they had not expected the foreign response to USA tariffs.

He said the administration is now focused on resolving the steel and aluminum tariffs.

Whatever progress was achieved Wednesday could provide some relief for US automakers.

Leading Brexiteer Jacob Rees Mogg
Leading Brexiteer Jacob Rees Mogg

Several companies, including General Motors and Harley Davidson, cited trade policy concerns as they dimmed their 2018 outlooks in financial reports out this week.

The European Commission is preparing to impose import duties on American products worth $20 billion if Washington imposes duties on auto imports from the EU.

"This is a real vindication that the president's trade policy is starting to work", Ross said. We paid $1.5 billion in duties on Chinese footwear past year alone.

"These things become Christmas trees with everybody hanging things on them", said Philip Levy, a senior fellow at the Chicago Council on Global Affairs and a former White House trade adviser. "You're not going to be too angry with Trump, I can tell you", the president said at the workforce development event, where he was joined by two Iowa Republicans, Gov. Kim Reynolds and Rep. Rod Blum. "What they want is access to markets", Hoeven said in an interview.

A source quoted by Reuters said aides also strategically put Trump's name into "as many paragraphs as we can because he keeps reading if he's mentioned".

But winners from the trade war have been few and far between, especially in the Midwest.

More news: Snap is getting caught up in the social-media carnage (SNAP)

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