Donald Trump Says US And EU Will Work Towards 'Zero Tariffs' Trade

Trump’s financial aid offer to farmers criticized as tax-funded ‘welfare’

Cherry producers also felt the pinch during their short cherry season, as they face an additional 25 per cent tariff in China.

"It's a positive step, but one that we'll have to see if this truly is progress", said Dan Ujczo, a trade lawyer at Dickinson Wright in Ohio.

What Trump described as a "big day" came after he slammed the European Union for months only to predict earlier Tuesday before his meetings with Juncker that he thought they would strike a trade deal that will be "good for everybody".

China is set to become the focus of Donald Trump's global crusade for "free and fair trade" after reaching a deal with the EU to suspend new tariffs and expand European imports of USA goods.

"This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again", he said in a statement.

Senators say the aid package could help short-term, but they're anxious about losing long-term access to export markets.

"As such, we urge the administration to take immediate action to stop the trade war and get back to opening new markets".

The financial relief would not authorize any new money and thus not need approval from Congress, the New York Times reported.

Aid will come in three ways: Direct payments to farmers who have been hurt by escalating trade tensions.

American farmers depend on being able to sell overseas, and tariffs make what they produce more expensive.

The response to the announcement was mixed, with many legislators criticizing the plan, calling it "welfare for farmers", and farm groups pleading for a more lasting solution.

"It is clear to everyone that President Trump has gotten China's attention like never before", Perdue said.

G20 ministers call for greater dialogue on trade tensions
G20 ministers call for greater dialogue on trade tensions

The aid is meant to protect the industry as countries raise taxes on United States products such as soybeans in response to the president's new tariffs.

All this comes after President Trump's administrator slapped tariffs on $34 billion in Chinese goods.

European Commission spokesperson Kinga Malinowska said that Juncker had not yet made any concessions.

"I just don't think the tariff route is the smart way to go", Ryan told reporters on Tuesday.

The president has said that he favors free trade but uses tariffs as leverage.

"Tariffs are taxes that punish American consumers and producers", Kentucky Republican Senator Rand Paul wrote on Twitter.

A group of lawmakers told ABC News that they were supposed to meet with Trump about trade, but instead the president pulled them into the Rose Garden event with European Union commissioner Jean-Claude Juncker.

During a recent European trip, Trump referred to the EU as a "foe, what they do to us in trade".

In the end, what Trump and Juncker outlined Wednesday sounds more like a handshake deal that could lead to a formal deal-but also might not. "It's as simple as that".

The US also plans to buy crops such as fruits and nuts, distributing them to food banks and other government nutrition programmes. "Whether it's with the European Union or others, it has to be reciprocal in nature at a minimum, and we're working on that and I think we're making tremendous strides".

Juncker's visit to Washington aroused great expectations after the exchange of accusations and the imposition of tariffs by Trump on European steel and aluminium, to which Brussels had responded with identical measures on assorted United States products, including motorcycles and jeans.