European Union to buy ‘a lot of soybeans’
- Jon Douglas
Carmakers are the big winners after the United States and European Union announced a ceasefire on trade.
European Union Commission President Jean-Claude Juncker (zhahn-KLOHD' YUN'-kur) is telling President Donald Trump that the E.U. and USA are partners and allies, "not enemies", and must work together at the start of trade negotiations between the two major economies.
Gov. John Kasich (KAY'-sik) says Trump's imposition of tariffs on products from such allies as Canada under national security grounds was "completely absurd", and that now the president is resorting to "farm welfare" when USA farmers want trade. Soybean pressuresAn EU official said there was significant pressure from Trump administration officials to increase EU soybean purchases as part of any trade deal.
The tone was friendlier than it has been.
The official stressed that Trump retained the power to implement tariffs on cars if needed and said there was no deadline for the completion of talks. But we have to do it.
But he also cautioned that the U.S. is watching China's currency movements for any sign Beijing is manipulating the yuan.
"We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods", Trump said.
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He declared it a "very big day for free and fair trade".
Trump campaigned on a vow to get tough on trading partners he accuses of taking advantage of bad trade deals to run up huge trade surpluses with the U.S. The EU has counterpunched with tariffs on US products. Costs from raw materials subject to tariffs, like steel and aluminum, account for $15 million to $20 million, and the European Union tariffs add another $30 million to $35 million, according to Harley-Davidson.
Some Republicans in farm states are dismissing the Trump administration's plan to provide $12 billion in emergency relief in the wake of trade disputes between the USA and other countries, particularly China. The company said it now sees fewer SUV sales and higher costs at its Mercedes-Benz Cars division than previously expected as a result of the tariffs, and "this effect can not be fully compensated by the reallocation of vehicles to other markets".
Agricultural equipment makers Deere & Co. and Agco both advanced, but General Motors, Ford and Fiat Chrysler all fell.
"Our biggest exposure, our biggest unmitigated exposure, is really steel and aluminum when you look at all of the commodities", GM CEO Mary Barra said Wednesday.
Executives with the Milwaukee company spoke with investors Tuesday for the first time since announcing last month that production of motorcycles sold in Europe would move overseas in order to avoid retaliatory tariffs the European Union is imposing on American exports.
Since the tariffs were announced in March, countries around the world, including Canada and China, have shot back by imposing tariffs on U.S. goods. Rabobank International Ltd. predicted in June that the US may overtake Brazil as the biggest soybean exporter to the EU.
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The affected countries have in turn targeted USA agricultural products, including soybeans, dairy, meat, produce and liquor.
Mary Lovely, a Syracuse University economist who studies trade, said, "The Chinese are not going to be buying our soybeans, so nearly by musical chairs our soybeans are going to Europe". Last year, China bought about 33 million tons from the U.S.
Trump's announcement stunned lawmakers who arrived at the White House ready to unload concerns over the administration's trade policies only to be quickly ushered into Rose Garden for what the chairman of the Senate Agriculture Committee called "quite a startling" development. "He was interested in my thoughts on the Kavanaugh nomination, which I think is going along nicely", McConnell said. Pat Roberts, R-Kan.
Agriculture Secretary Sonny Perdue says the plan is meant for short-term relief while President Donald Trump and other officials work on trade deals.
A viral video of an activist on board a plane in Sweden stopping the deportation of an Afghan asylum seeker has cast a spotlight on Europe's deepening divisions over immigration, human rights experts said.
He has slapped taxes on imported steel and aluminium, saying they pose a threat to United States national security. He conveyed that two sides would cooperate to lessen tariffs and other trade impediments. Republican Senator Ben Sasse of Nebraska, a Trump critic, likened it to "golden crutches" to make up for a trade war that will cost farmers far more.
The Center for Automotive Research last week estimated that the potential import taxes of 20 percent to 25 percent on autos and auto parts would raise the price of an average vehicle by $4,400.
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