Well I’ll be damned. It’s being reported that Trump was able to get a concession from the EU on tariffs on soybeans, one of the main points of contention in our trade warring.
BREAKING: Trump says US and EU agree to work toward zero tariffs, barriers and subsidies; EU to "buy a lot of soybeans."— The Associated Press (@AP) July 25, 2018
Breaking News EU agrees to cut tariffs and import more soybeans: talking heads still spouting yesterday's guessing game. Meanwhile the Dow Jones Industrial Average is surging.— Charles V Payne (@cvpayne) July 25, 2018
Maybe Trump's approach is working?
And on manufacturing metals:
BREAKING: Trump says the US and EU have agreed to work to resolve US tariffs on steel and aluminum imports.— The Associated Press (@AP) July 25, 2018
And he says they’re working towards zero tariffs and subsidies:
NEW: President Trump says US and EU agree to work toward zero tariffs, barriers and subsidies, and the EU will "buy a lot of soybeans." pic.twitter.com/Pk7uLxZAbw— MSNBC (@MSNBC) July 25, 2018
BREAKING: EU Commission President Juncker says US, EU agree to hold off on further tariffs as part of trade talks.— The Associated Press (@AP) July 25, 2018
Pres. Trump announced an agreement with the EU on tariffs in an effort to dial back an escalating trade war.— This Week (@ThisWeekABC) July 25, 2018
"It sounds better than it is…There's nothing super nailed down here…but I think he needed to relieve some political pressure," @TerryMoran says https://t.co/gyRwtviZ1C pic.twitter.com/xCBntwlf4c
This is what Europe has agreed to:— zerohedge (@zerohedge) July 25, 2018
- more LNG exports (but Nord Stream still functioning)
- lower industrial tariffs (but subsidies remain)
- Import more US soybeans
I have said that if Trump was ultimately heading towards no tariffs, that his trade war made sense. Free trade conservatives were worried at his muddy rhetoric that sounded like tariffs were good in themselves – certainly they’re good if they result in much more free trade.
If Trump is able to pull this off, I don’t see how anyone with real conservative free trade principles can object…
Just this morning the media was ecstatic that an agricultural leader was bashing Trump:
The president of the Minnesota Soybean Growers Association said Wednesday that he may not vote for President Trump in 2020 if he doesn’t fix current trade disputes.
“It’s not about the man or the party,” Michael Petefish said on CNN’s “CNN Newsroom.” “It’s about specific policies. We in agriculture are very supportive of trade, and this president has not been.”
Asked by CNN host Poppy Harlow what that means in regards to the 2020 presidential election, Petefish said “the jury’s still out on that.”
“Timing is critical on this trade deal,” he added. “If, in three or five years we have a better trade agreement, that won’t matter to most farmers because we’re hurting financially now and we won’t have the ability to run our businesses in the red for the next several years.
“The trade needs to get fixed now.”
I wonder how he feels now – and if the media will cover it at all.
Here’s more from Trump: