Trump, EU president make joint statement amid trade tensions

Trump Offers $12 Billion Aid To US Farmers Hit By Tariff War With China

The leaders pledged to expand European imports of USA liquefied natural gas and soybeans and both vowed to lower industrial tariffs, excluding autos.

Germany's economy minister described the agreement - which means Washington will not follow through with a threat to impose tariffs on autos that would hurt the dominant German vehicle industry - as a "breakthrough" that "can avoid trade war".

"For years, the USA has been losing hundreds of billions of dollars in trade with the European Union, and we just want it to be a level playing field for our farmers, for our manufacturers, for everybody and we also want a big beneficiary, frankly, to be the European Union and we think it can be good for everybody and that's why we are here to discuss", he said, sat alongside Juncker in the White House.

"This was a very big day for free and fair trade, a very big day indeed", Trump told reporters at the White House after meeting with European Commission President Jean-Claude Juncker.

"We are here to explain and find out how to prevent a trade war", Juncker said in an interview with German public broadcaster ZDF before the meeting, adding that he's not overly optimistic.

Prices for soybeans have already fallen by more than 15% since April, when China - a major buyer of the crop - announced its plans to retaliate. "I had the intention to make a deal today, and we made a deal today", Juncker said.

And, ahead of Juncker's arrival, Trump's been in full "made in America" mode - flaunting US-made products. The leaders are also working to resolve the steel and aluminum tariffs.

"Tariffs are the greatest!", he had also tweeted on Tuesday, lending the outcome a magical quality. Mexican Economy Minister Ildefonso Guajardo, rejecting Trump's suggestion of separate trade deals with Canada and Mexico, said, "The essence of this agreement is trilateral and it will continue being trilateral". On July 10, the Trump administration released a list of $200 billion worth of Chinese goods that could be subject to a 10 percent tariff.

He has long complained that the WTO has been unfair to the United States, despite the fact the U.S. has won most of the disputes against China and others.

Juncker was accompanied by Trade Commissioner Cecilia Malmström, as well as other officials, including former righthand-man Martin Selmayr.

He confirmed that the European Union will build more terminals in order to import liquid natural gas (LNG) from the US.

The deal came amid fears that Trump was going to escalate his European Union trade war and, more profoundly, that he wanted to harm the European Union and North Atlantic Treaty Organisation. "America's hard-working agricultural producers have been treated unfairly by China's illegal trading practices and have taken a disproportionate hit when it comes illegal retaliatory tariffs". He went on to say the US and European Union will work to reform the World Trade Organization (WTO) and address unfair trade practices from other countries, an apparent reference to China's practices.

As the pair began walking up a staircase behind them, the US President then placed his hand on Mr Juncker's back.

Though details are not yet final, the aid package is not expected to breach the $19.1 billion limit the World Trade Organization allows for internal subsidies, according to Brad Karmen, the USDA's assistant deputy administrator for farm programs. "Growth, jobs and recovery are at stake", Azevedo warned.

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