The United States has come to an agreement for greater exports of American beef to the European Union. This was announced by US President Donald Trump on Friday.
The agreement was signed by Trump at an event at the White House in the presence of a US trade officials and representatives from the American beef Industry. The deal aimed to “lower trade barriers in Europe and expand market access for American farmers and ranchers.” According to the Office of the U.S. Trade Representative, compared to the current value of $150 million, annual duty-free U.S. beef exports to the EU will increase to almost triple the value at about $420 million over the course of the agreement.
“This is a tremendous victory for American farmers, ranchers and of course, European consumers,” the president said at the White House as he unveiled the deal.
The American agriculture industry has been affected adversely because of Trump’s import tariff war with China and this agreement is believed to provide some relief for one area business segment of the agriculture industry. With the 2020 presidential elections not far off, Trump has been attempting to cushion some of the economic and political hit that has been seen because of his trade war with China. The Trump administration recently provided details of a $16 billion aid package targeted at the American farming sector that has been hit by the US-China trade war.
The trade was pulled up a notch by Trump on Thursday following his announcement of a fresh 10 per cent import tariff on Chinese goods worth $300 billion which would be implemented from September. With this, virtually every product that is imported from China has been brought under the tariff regimen. Analysts expect that there would be increases in the prices on many consumer products for American because of this new tariff.
According to analysts, the current trade tensions with the European Union was partly deescalated by Trump through the beef agreement. The Trump administration deferred a decision to impose import tariffs on car and auto parts imported into the US earlier this year. However, on Friday, Trump brought up the issue of car tariffs at the White House absolutely unprompted which caused a momentary scare among the European officials.
“We’re working on a deal where the European Union will agree to pay a 25% tariff on all Mercedes-Benzes, BMWs coming into our nation, so we appreciate that,” the president said.
“I’m only kidding,” he continued, sparking laughter in the room. “They started to get a little bit worried. Thank you. Congratulations. Best beef in the world, thank you very much!”
Tariffs on EU cars “are never off the table”, Trump said later on Friday while speaking to reporters on the White House lawn. “If I don’t get what I want, I’ll have no choice but maybe to do that,” he said.
(Source:www.cnbc.com)
The agreement was signed by Trump at an event at the White House in the presence of a US trade officials and representatives from the American beef Industry. The deal aimed to “lower trade barriers in Europe and expand market access for American farmers and ranchers.” According to the Office of the U.S. Trade Representative, compared to the current value of $150 million, annual duty-free U.S. beef exports to the EU will increase to almost triple the value at about $420 million over the course of the agreement.
“This is a tremendous victory for American farmers, ranchers and of course, European consumers,” the president said at the White House as he unveiled the deal.
The American agriculture industry has been affected adversely because of Trump’s import tariff war with China and this agreement is believed to provide some relief for one area business segment of the agriculture industry. With the 2020 presidential elections not far off, Trump has been attempting to cushion some of the economic and political hit that has been seen because of his trade war with China. The Trump administration recently provided details of a $16 billion aid package targeted at the American farming sector that has been hit by the US-China trade war.
The trade was pulled up a notch by Trump on Thursday following his announcement of a fresh 10 per cent import tariff on Chinese goods worth $300 billion which would be implemented from September. With this, virtually every product that is imported from China has been brought under the tariff regimen. Analysts expect that there would be increases in the prices on many consumer products for American because of this new tariff.
According to analysts, the current trade tensions with the European Union was partly deescalated by Trump through the beef agreement. The Trump administration deferred a decision to impose import tariffs on car and auto parts imported into the US earlier this year. However, on Friday, Trump brought up the issue of car tariffs at the White House absolutely unprompted which caused a momentary scare among the European officials.
“We’re working on a deal where the European Union will agree to pay a 25% tariff on all Mercedes-Benzes, BMWs coming into our nation, so we appreciate that,” the president said.
“I’m only kidding,” he continued, sparking laughter in the room. “They started to get a little bit worried. Thank you. Congratulations. Best beef in the world, thank you very much!”
Tariffs on EU cars “are never off the table”, Trump said later on Friday while speaking to reporters on the White House lawn. “If I don’t get what I want, I’ll have no choice but maybe to do that,” he said.
(Source:www.cnbc.com)
