Trump Campaign: Reports of Banners Made in China Not True

"The deal we made with the European Union this past week is very important to get us on this road", Kudlow insisted, noting that Juncker and Trump "got together" and "surprised probably nearly everybody in the world and basically came to agreement on a number of key items".

The deal boosted share markets initially, and US industrial shares were stronger on Thursday as fears of a trade war with Europe ebbed.

On Wednesday he moved to ease tensions with the European Union, declaring a truce on that front after meeting with Juncker. By authorizing these payments, the Trump Administration is effectively acknowledging the economic harm caused both by tariffs and the retaliation they invite. The two leaders agreed to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.

He has relied on China's sizable appetite for US soybeans - it's the biggest importer of soybeans in the world - but the 68-year-old said now his crops are caught up in the ongoing trade dispute with Beijing.

US soybean production has doubled since the mid-1990s and total exports have doubled since the mid-2000s.

Representatives of the European Union, Canada, Mexico, South Korea and Japan will convene in Geneva on July 31 to debate how to respond if the us imposes levies on vehicle imports, as well as prospects for reforming the World Trade Organization, according to three people familiar with the matter.

"Whether it's one deal or two deals, so long as we get the right agreement, we're indifferent", Mnuchin told CNBC.

"We're just trying to protect American agriculture from some of the unfair trading practices", he said, calling the aid a "backstop for our patriotic farmers who have been hurt" by trade disputes.

Trump hailed it as a "breakthrough agreement", while Juncker said it was a "good and instructive meeting".

A gradual depreciation of the yuan is likely to be on the cards as Beijing tries to deal with the trade war with Washington, but analysts are divided on how a weaker currency will affect China's exports and the broader economy.

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With higher prices, demand goes down, and so on the retail end, jobs suffer.

Perhaps Trump thinks that because he can impose tariffs on more goods than the Europeans, the USA will win the game. In Europe, alarm bells have been sounded over China's growing economic influence there. "So, when I say, 'Well, I'm going to put tariffs on them, ' they all start screaming, 'He's using tariffs, '" Trump said. "I'm very exasperated. This is serious".

"Reciprocal", Mr. Trump said.

"Engaging is unilateralism or protectionism is not the way out", Geng said, when asked about Kudlow's comments. Simply because, when it comes to soybeans, the EU's appetite is not a voracious as China's, which in response to President Trump's tariffs on Chinese goods have imposed its own tariffs on Soybeans.

U.S. Sen. Pat Toomey, a Lehigh County Republican, was among those unhappy with that solution.

With key midterm elections approaching in November, this $12 billion sends a clear sign that Trump is seeking to reassure his base, of which Midwest farmers constitutes a large portion and played a crucial role in delivering him key states in the 2016 election, that he can and is actively defending their interests.

Veteran farmer Ron Heck, who produces 100,000 bushels of soybeans a year on his family farm in central Iowa, likes President Trump's big-picture plans to negotiate a fair trade deal with China that would improve market access and lower export fees. I was able to get 60% of our estimated new-crop production priced at really great levels, but with hindsight being 20/20, I wish I would have done more. "I don't know a single person that has read this report that thinks it's a stupid fight to say China should not be able to come in and steal the future of American industry".

"It is most important to listen to each other and understand where each country is coming from, whether with the European Union or in relations with the USA, Russia and China", he said.

Larry Kudlow, President Trump's chief economic adviser, said he would be involved in the negotiations, to be led by U.S. Trade Representative Robert Lighthizer.

(Copyright © 2015. All Rights Reserved.)

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