Trump and European Union come to vague agreement to reduce trade tensions

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Trump added: "This was a very big day for free and fair trade, a very big day indeed".

The Market Facilitation program will distribute the bulk of the money to farmers and ranchers producing commodities directly impacted by the tariffs, including soybeans, sorghum, corn, wheat, cotton, and pork. Economy Minister Peter Altmaier tweeted that the meeting's outcome was a "breakthrough" that "can avoid trade war and save millions of jobs". He added that they would try to "resolve" steel and aluminium tariffs he imposed earlier this year and retaliatory duties the European Union levied in response. Danielson, whose farm is in Cadott, says almost 20 percent of the dairy products and around 50 percent of the soybeans he produces are exported. However, we are extremely concerned about the threat of automotive tariffs.

The Agriculture Department said it would tap an existing program to provide $12 billion in direct payments to farmers and ranchers hurt by foreign retaliation to Trump's tariffs and other assistance, such as the purchase of excess crops. In a briefing call on July 24, Perdue and top department officials explained that the financial boost is created to provide temporary relief to farmers as the United States negotiates long-term trade deals.

But while politicians and businesses welcomed the deal Thursday, the agreement was vague, the negotiations are sure to be contentious and the United States remains embroiled in major trade disputes with China and other countries.

Mr Juncker said there would be no further tariffs, including on cars, while they negotiate, and that existing USA tariffs on European steel and aluminium would be re- examined.

"We will not go against the spirit of this agreement, unless either party terminates the negotiation".

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A "trade promotion program" will work to find new markets for US agricultural products.

"I want to know what we're going to say to the automobile manufacturers and the petrochemical manufacturers and all the other people who are being hurt by tariffs", said Sen. They also argue that the move would open a Pandora's box for other sectors of the economy. China said it would retaliate, leaving even more USA farm products at risk.

Fourthly, we agreed today to join forces to protect American and European companies better from unfair global trade practices.

After the meeting with Mr Juncker, Mr Trump said the two sides would now be "more reciprocal".

"We have identified a number of areas on which to work together", Juncker said at the joint conference. The trouble is, China past year imported $12.3 billion in USA soybeans, the European Union just $1.6 billion.

"We are ready to invest in infrastructure and new terminals, which could welcome imports of energy from the United States and elsewhere, but mainly from the United States, if the conditions were right and prices competitive", he said in a speech after the White House meetings. "And farmers are anxious about that but so is most of the rest of the economy I think". The aid package is likewise expected to have a positive ripple effect beyond the farmers, according to Greg Ibach, the USDA's undersecretary for marketing and regulatory programs.