Wednesday, July 25, 2018

BREAKING Europeans Agree to Talk About Lowering Industrial Traiffs


This is a developing story. Return to this post for updates.

UPDATE 1

Non-scheduled President Trump- European Commission President Jean-Claude Juncker press briefing about to be held.

UPDATE 2

Trump secures concessions from EU to avoid trade war; EU agrees to import more soybeans, to talk about lowering industrial tariffs.

UPDATE 3


Via the Wall Street Journal:

 [A] European official in the room said European Commission President Jean-Claude Juncker and his top trade official Cecilia Malmström agreed to work with the U.S. administration to lower industrial tariffs on both sides, increase LNG exports and soy beans to Europe, and align regulatory standards to allow for medical devices to have better market access in Europe, the official said.

Both delegations were still fine tuning language in a common statement on car tariffs, the official said.

A joint news conference between Mr. Trump and Mr. Juncker was hastily being organized as the meeting was coming to an end.

UPDATE 4


UPDATE 5

Trump sayshe  has agreed with Juncker to "work together" towards zero non-auto tariffs and zero subsidies.

UPDATE 6

Trump says EU will buy more LNG and  "lots of" soybeans.

Sounds like managed trade.

UPDATE 7

Trump fake out on EU soybean deal purchases caught:




From Bloomberg a month ago:

While looming tariffs are likely to curb American exports of the commodity to China, opportunities are opening up in the European Union, the world’s second-largest importer.

The dispute has boosted prices in Brazil, the top shipper, forcing EU processors to look elsewhere for supplies. That’s likely to mean that the U.S. will overtake Brazil as the biggest seller to the 28-nation bloc next season, according to Rabobank International Ltd.