Declaring a "new phase" in relations, Mr Trump said the United States and European Union agreed to "work together toward zero tariffs" on non-auto industrial goods, while the European Union would import more American natural gas and soybeans. It sounds at least like the European Union is moving towards new purchases of liquefied natural gas, and Trump sounds bullish in the clip below about soybean exports.
"I want to know what we're going to say to the automobile manufacturers and the petrochemical manufacturers and all the other people who are being hurt by tariffs", said Senator John N. Kennedy, a Republican from Louisiana.
Administration officials said the aid will ease the pain farmers have felt as America's trading partners slapped tariffs on agricultural exports in response to the Trump administration's tariffs on steel and aluminum.
With congressional elections coming soon, the government action underscored administration concern about damage to US farmers from Trump's trade tariffs and the potential for losing House and Senate seats in the Midwest and elsewhere.
"I came to make a deal, and we made a deal today", Juncker said on Wednesday at the White House.
The U.S. president also said the limited pact also would benefit the American chemical and pharmaceutical industries. Juncker said the European Union "can import more soybeans from the USA, and it will be done".
Corker said farmers want 'trade, not aid'.
Mr Trump exempted cars from the agreement and he is believed to still be considering in the future putting 25 per cent tariffs on almost $200 billion in vehicle imports, which would particularly harm Germany.
"This deal, along with the breakdown of a large M&A deal, leave investors fearing that the trade war has just turned even more so on China", Citi analysts wrote in a note Thursday, referring to Qualcomm Inc (QCOM.O) dropping its $44 billion bid for NXP Semiconductors (NXPI.O) after failing to secure Chinese regulatory approval.
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They also said they would cooperate to reform the rules of the World Trade Organization, which the Trump administration frequently criticizes for favouring USA trading partners. "The fear of losing your farm, it's very scary because this is our life and I love being a farmer", said Nicole Issert with Issert Farms.
Scott Irwin, an agricultural economist at the University of IL said: "We have never compensated farmers directly on such a large scale for retaliatory tariffs".
"It is our hope that the Trump administration will take targeted measures to boost domestic manufacturing", Jennifer Kelly, director of research for the UAW, said at a Commerce Department hearing last week.
President Donald Trumpand European Commission president Jean-Claude Juncker emerge from the White House.
Many of them, from farm states, were also planning to relay messages from their constituents about how they would prefer markets be reopened than rely on additional government aid, as the White House had recently suggested with an offer of $12 billion for farmers affected by tariffs.
Fourthly, we agreed today to join forces to protect American and European companies better from unfair global trade practices.
He said "prices for farm products are plunging from already very low levels", and called for a support program to mitigate the damage "for years to come".
"He (Trump) understands the farmers in this country feed us, they fuel us, they clothe us and he'll do everything he can to protect them". "It will also make trade fairer and more reciprocal".