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Is Trump Winning His Trade War With Europe?

31 July 2018

File picture shows hogs being raised on the farm of Ted Fox on July 25, 2018 near Osage, Iowa.

"As far as the deal is concerned, it seems that US President Donald Trump has got all he wanted", Petr Bystron, Chairman of the legislature's Foreign Affairs Committee for the opposition Alternative fuer Deutschland (AfD) fraction, told Xinhua in an exclusive interview. After Trump slapped steep new tariffs on imports of foreign steel and aluminum earlier this year, China, Mexico, and the European Union imposed retaliatory tariffs on billions of dollars United States goods - from bourbon, Harley Davidson motorbikes and orange juice to dairy products, soybeans and pork.

The program, the specific details of which have yet to be released, consists of three branches: the market facilitation program will provide payments to soybeans, sorghum, corn, wheat, cotton and dairy producers; the food purchase and distribution program will purchase surpluses of impacted commodities such as fruits, nuts, rice, legumes, beef, pork and milk for distribution to nutrition programs; and the trade promotion program will provide assistance and work with the private sector to develop new export markets. Secondly, the USDA will buy surplus fruits, nuts, beef, milk, pork, and rice from US producers that would otherwise have been exported and instead will distribute them to federal nutrition assistance programs.

The administration said the program was temporary.

Companies also depend on overseas buyers.

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The benefits seized by China, particularly between 2005 and 2016, include real GDP growth rates of 9.5% coupled with sudden transformation "from the fifth-largest to second largest economy" in the world, the USA envoy said. "The largest hog producer in the US, Smithfield, is owned by a Chinese company".

Ron Johnson said. The general consensus across the aisle remains that by far the current best course of action would be to reverse the US -imposed tariffs and end the self-inflicted trade war.

"I just think he can not operate the way he is, and anybody who stays close to him is going to rue the day", Nixon said.

Trump said the trade rivals are directing their tariffs toward certain products in pivotal political states, seeking to hurt him with voters.

House Republicans confronted two of President Trump's top economic advisers on trade on Thursday, while also breathing a sigh of relief after the administration's decision to begin easing tensions with Europe a day earlier.

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Seeking to quell unrest, the White House this week announced a package of $12 billion in aid to farmers being hurt by the trade wars.

"And where does the bailout stop? If this continues, there are gonna be some people who don't continue to farm, and that would be sad". What about other goods that have been targeted by our foreign competitors? "And we'll see where we get", he said.

"You know, other countries have tariffs on us".

But the new aid "creates a bit of a moral hazard", Glauber told AFP. Andrea Durkin, editor of the Center for Strategic and International Studies' TradeVistas website, said farmers anxious this season's losses would impact their ability to secure future loans.

And the longer-term loss of markets for American crops is far worse that the short-term financial hit, he said. Trade protectionism adds to a series of disputes, ranging from climate change to Middle East policy, which have upended the ties binding together developed nations since Trump's election in office. Juncker also agreed to buy billions of dollars more in USA soybeans and natural gas.

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And soybean farmers could be looking at a long wait - even with a $12 billion bailout - for trade deals with the European Union and China to materialize. The European Union also offered significant access to its agricultural markets. Two officials said participants will explore the possibility of an worldwide accord to cut tariffs on cars, although two other officials said this was not part of the formal agenda.

Is Trump Winning His Trade War With Europe?