Trump tells everybody 'be cool' as trade tensions escalate

U.S. President Donald Trump meets with President of the European Commission Jean Claude Juncker in the Oval Office at the White House in Washington

"If we team up, we can make our planet a better, more secure, and prosperous place". The EU has a huge stake in the US industry, where European companies produce nearly 3 million cars a year, accounting for over a quarter of production in the United States. "That's not free trade, that's fool's trade, that's stupid trade and we don't do that kind of trade anymore".

The leaders pledged to expand European imports of US liquefied natural gas and soybeans and both vowed to lower industrial tariffs, excluding autos. "Soybeans is a big deal and the European Union is going to start nearly immediately to buy a lot of soybeans...from our farmers in the midwest primarily".

And, ahead of Juncker's arrival, Trump's been in full "made in America" mode - flaunting US-made products.

Ryan's remarks came a couple hours after Trump tweeted that "Tariffs are the greatest!" and threatened to impose additional penalties on USA trading partners.

Trump then moved to the second portion of the agreement, "strengthening of [America's] strategic cooperation with respect to energy".

Trump has threatened to put tariffs on all of the US$500 billion or so in products China exports to the United States each year, while China has vowed to hit back with "qualitative and quantitative" measures. He said the USA will be making it easier for the E.U.to do so in order to "diversify their energy supply, which they want very much to do".

How is this? While China has a much larger trade surplus in goods than Germany, China also has a significant trade deficit in services.

Tuesday morning President Trump talked about the tariffs on social media.

Trump and Juncker agreed to immediately set up an executive working group comprised of "very intelligent people on both sides" to be their "closest advisers" and carry out the joint agenda.

Trump has floated the idea in the past, but he tweeted Tuesday night that he doubts the Europeans will go for the idea.

Trump added they would try to "resolve" steel and aluminum tariffs he imposed earlier this year and retaliatory duties the European Union levied in response.

It said trading nations like New Zealand work best when everyone agrees on the rules of worldwide commerce, and uncertainty caused by trading disputes is the last thing farmers need.

And Senator Ron Johnson warned that "no one wins a trade war". Today's agreement specifically deals only with "non-auto industrial goods" but Juncker and his team have been hammering the point that they hope/expect that no further tariffs will be imposed by either side so long as negotiations are ongoing. He echoed President Trump and efforts to strengthen energy cooperation and importation of LNG.

The US president also declared the European Union had agreed to buy "a lot of soybeans" and increase its imports of liquefied natural gas from America.

March: US announces tariffs on foreign steel and aluminium.

But with Trump expecting Juncker to come to Washington with a "significant" offer - and Brussels saying that won't happen - the outcome of this meeting is too tricky to call. And he name-checked each one as they watched his hastily planned joint press conference with Juncker.

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