Discount Not Discourse to Boost U.S. Soy Sales to EU

Jean-Claude Juncker and Donald Trump

USA soybean exporters have been looking to expand sales in markets such as the European Union after top buyer China imposed tariffs as part of a trade dispute with Washington. "It's a really, really big deal", Heck said. "And the European Union is going to start, nearly immediately, to buy a lot of soybeans", Trump told reporters after the meeting. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that past year totaled $335 billion.

Trump has insisted in recent months on the need for the EU to agree to his demands to facilitate United States access to the European market and has threatened to impose tariffs of up to 20 per cent on imports of European automobiles if the bloc did not make concessions to Washington.

Trump backed off on the hefty tariffs and Juncker seems convinced the colorful cards helped cinch an agreement Trump will stick to on trade.

Germany's conservative economy minister, Peter Altmaier said the "breakthrough" could avoid a trade war and "save millions of jobs".

"Tariffs are the greatest!", he had also tweeted on Tuesday, lending the outcome a magical quality.

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

Steelmakers' shares fell, with United States Steel falling more than 5 percent in extended trading, and AK Steel Holdings sliding 2 percent.

"We have some tariffs that are retaliatory and that will get resolved as part of what we are doing", Trump said on Wednesday from the White House's Rose Garden.

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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.

Germany, home to big carmakers such as Volkswagen AG (VOWG_p.DE) and Daimler AG (DAIGn.DE), would be hard hit by auto tariffs, and the automotive industry has warned such measures could hike vehicle costs by $83 billion and result in the loss of hundreds of thousands of jobs.

The Commerce Department could recommend new tariffs as early as September after an investigation into whether vehicle imports posed a risk to USA national security.

The truce may prove to be short lived if the two sides can't resolve their differences over trade in vehicles and auto parts.

Oh Trump, you truly are one of the most entertaining presidents we've ever witnessed with your handholding attempts never failing to go viral.

But at home, Mr Trump is facing increasing criticism as consumers, farmers and businesses are taking a hit from the retaliation to the raft of United States tariffs on steel, aluminium, and tens of billions of dollars in products from China that he has imposed in recent weeks. Other agriculture prices are falling, too, which is why groups including the American Farm Bureau Federation and the National Pork Council are backing the four-month TV campaign.

Secretary of Agriculture Sonny Perdue said that the plan, which will provide direct assistance and other temporary relief for farmers through the USDA's commodity program, is meant as a stopgap measure that will give Trump time to negotiate a long-term policy with China, the European Union and others. "And we have plenty of it".

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