Posted on 07/26/2018 4:43:00 AM PDT by reaganaut1
The meeting on trade Wednesday between President Trump and European Commission President Jean-Claude Juncker had all the makings of a potential crackup, but in the event it provided the best economic news in weeks. Financial markets were clearly pleased, as stocks rose across the board before the closing bell on the statements by the two presidents after their White House session. Call it a relief rally.
The two sides essentially declared a tariff truce, pending negotiations on a larger trade deal between the 28-nation European Union and the U.S. Mr. Trump agreed to step back from his threat of 25% tariffs on European car imports, while the two sides pledged to resolve the current U.S. steel and aluminum tariffs and Europe’s retaliatory levies on U.S. goods.
Europe also agreed to buy more soybeans immediately, and much more liquefied natural gas from the U.S. in the future as its import capacity expands. U.S. LNG export capacity is expected to nearly triple by 2020 to 9.6 billion cubic feet a day, as more export terminals come online and the fracking boom continues.
Most important, the two sides agreed to negotiate a larger trade deal that Mr. Trump said would have as a goal “zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods.” This suggests that Europe has taken Mr. Trump up on his offer, floated at the last minute at the G-7 meeting in June, to work toward zero tariffs. The question at the time was whether this was serious, or political misdirection, and now we’ll find out.
The zero tariff target won’t be easy to reach. Europe has a 10% tariff on U.S.-made cars and the U.S. charges only 2.5% on cars made in Europe.
(Excerpt) Read more at wsj.com ...
Yes, the status quo seems to be sustained yesterday. If the No Wall Street Urinal like it then it must not have been so great....
Hopefully, the non auto thing goes away and tariffs on those are back on the table. I would prefer a complete embargo on import EU autos until their tariffs are lifted. I trust Trump and when the WSJ squeals then and only then I will know things are good.
When the Free Traitors™ at the WSJ are happy then I am unhappy.
And there you essentially have it.
There was no free or fair trade.
Despite the hand wringing of others, Trump has been exactly right.
David French can now go out and buy that piece of aluminum he has his eye on.
Mercedes has to sell to Americans or they will be forced to buy US luxury cars.
stinking WSJ can’t support itself thru ads and puts up a pay wall
Ain’t no such thang as a US luxury car, what are you suggesting, Cadillac? Lazy greedy American car manufacturers should have been producing the best cars in the world decades ago instead of the garbage grandpa cars they make...
So does this mean that steel and aluminum imports are no longer a national security concern?
Oh, and they can keep their auto import tariffs....
At some point luxury is in the eye of the beholder. Yes, Cadillac does make luxury cars and SUV’s. If it’s price point you are after you can now spend up to $150 on an F150 (look it up if you don’t believe me). I’ve been in BMW’s, Mercedes & Range Rovers and American counterparts equal the quality at a lower price point. And if you want to go crazy just order a top of the line Tesla.
Thanks reaganaut1.
You’re right - there’s been a trade war going on for years AND WE’VE BEEN LOSING FOR YEARS.
Trump’s sick of the United States being taken to the cleaners by our so-called ‘friends’... he’s protecting us from this point on...
Isn’t it amazing that this never dawned on those in power.
In the last few months he’s gotten the rest of NATO to up their contributions, $41 billion as of last count, and they intend to pay more going forward.
Now it seems as if he’s negotiated our European trading partners to move toward zero tariffs.
What’s not to like here.
You know, on Twitter I read posts by folks (idiots) who trash Trump for not being an economist, but demanding things as if he were.
It is astounding how dumb some of those folks are.
I only buy Asian cars that last forever
“price point” what utter garbage. I hate those trendy sayings. It is not price I am after, I am after reliability.
“Reliable...last forever” is different than luxury, dude. And price-point isn’t trendy, it is common vernacular. You want reliability and longevity? I finally got rid of my GMC Yukon after 15 years and 175K miles. The engine could have gone for another 175K but I didn’t want to deal with the body work from what Western PA road salt does to cars. I’ve seen F150’s and Jeeps last for decades.
Almost 300K on my Honda Pilot 15 years old, bought brand new by me. Still going strong.
Good for you. Now, what was that you were saying about luxury cars???
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