Trump administration announces $12 billion 'bailout' for farmers

Jean-Claude Juncker and Donald Trump

Jean-Claude Juncker and Donald Trump

The president said the two allies will also work to resolve tariffs on steel and aluminum, and work towards "zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods".

"Soybeans is a big deal". He told reporters he entered Wednesday's meeting with the intention of reaching an agreement with Trump.

"A breakthrough has been quickly made that nobody thought possible!"

Sen. James Lankford, R-Okla., said the last-minute stagecraft, in which President Donald Trump announced an agreement in principle on trade along with European Commission president Jean-Claude Junker, was taking shape even as the Republican House and Senate members were arriving at the White House.

He later told reporters that was a "major concession" on Trump's part and that he expected the USA president to follow through on it.

United States import tariffs of 25 percent on steel and 10 percent on aluminum imposed in March will remain in place during the talks, but Juncker added: "It is the first time that the Americans agreed to reassess the measure that they have taken in the steel and aluminum sector".

"China is targeting our farmers, who they know I love and respect, as a way of getting me to continue allowing them to take advantage of the US", Trump said on Twitter while his protectionist trade policies face increasing criticism from within his own Republican Party.

The president tweeted his view on Tuesday that 'tarrifs are the greatest!'

Wall Street was boosted by the deal with the S&P 500 closing at its highest level since January 29. He notes that countries "that have treated us unfairly on trade for years" are coming to Washington to negotiate.

Speaking from the Rose Garden at the White House, Mr Trump declared a "new phase in the relationship" between the two trading blocs, calling it a "very big day for free and fair trade".

The two leaders faced off over escalating dispute over tariffs and trade barriers that block US goods.

There was relief in Germany following mounting fears that its auto industry would be hard hit by the Trump administration's mooted 25pc tariff on $200bn worth of automobile imports. Trump could impose vehicle tariffs on national security grounds once Commerce Secretary Wilbur Ross completes a required investigation, which could come anytime before a deadline by early next year.

The truce may prove to be short lived if the two sides can't resolve their differences over trade in vehicles and auto parts. China, trying to threaten President Trump's voter base, retaliated on July 6 with $34 billion in tariffs against USA exports, mostly focused on agricultural products. (Read the full release here.) The Washington Post first reported the $12 billion plan Tuesday.

The stakes will be clear on Wednesday, when Trump meets with the head of the European Commission, Jean-Claude Juncker.

Donald Trump heard an earful on Tuesday from senators in his own party after his administration pledged to provide up to $12 billion in aid for USA farmers to shield them from the effects of trade disputes cultivated by the White House itself.

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