Carmakers surge after Trump agrees to put auto tariffs on hold

US admits damage by trade war, to give $12-B aid to farmers

President Trump welcomes Jean-Claude Juncker, president of the European Commission to the White House to discuss trade.

In a joint appearance before the press with Juncker, Trump said that the European Union will begin importing soybeans from the US Midwest, as well as liquefied natural gas to "diversity" its energy sources, in addition to reducing some industrial tariffs.

Meanwhile, farmers inspecting crops in North Dakota said they preferred not to rely on the aid but we're optimistic that Trump would find a long-term solution.

"This is a short-term solution to allow President Trump time to work on long-term trade deals to benefit agriculture and the entire US economy", said Sonny Perdue, the secretary of agriculture, in a statement.

They also said they would cooperate to reform the rules of the World Trade Organization, which the Trump administration frequently criticizes for favoring U.S. trading partners. Before the meeting on Wednesday, the EU's trade commissioner, Cecilia Malmstrom, warned that if the negotiations fell through, the European Union was ready to slap $20 billion-worth of USA goods with more retaliatory tariffs, a measure which will be avoided, for now. "We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans".

Some personal chemistry with a fellow veteran dealmaker and a quick sense that Donald Trump was ready to bargain helped Jean-Claude Juncker strike a surprise accord to avert a transatlantic trade war, for now.

Some large United States businesses have said they've seen little impact from the tariffs so far.

Benchmark U.S. 10-year notes last fell 5/32 in price to yield 2.9542 percent, from 2.936 percent late on Wednesday. In May, Trump abandoned a framework for trade negotiations with China within days of it being announced, before ratcheting up tariffs.

The truce may prove to be short-lived if the two sides can't resolve their differences over trade in vehicles and auto parts. He added that they would try to "resolve" steel and aluminium tariffs he imposed earlier this year and retaliatory duties the European Union levied in response.

Jean-Claude Juncker
Commission president Jean Claude Juncker will join trade commissioner Cecilia Malmstrom at the meeting

It remains to be seen if the surprise deal, which came together in just three and half hours of talks, will stand the test of time despite Juncker and Trump's "understanding".

Trump also announced good news for American farmers.

Prior to the official announcement, US stocks jump after a report from the Wall Street Journal citing European officials said that the USA had won concessions from the E.U. The Dow Jones Industrial Average rose by more than 100 points. Farmers in Iowa alone could lose as much as $624 million on soybean shipments to China, Donnelle Eller, an agriculture reporter with the Des Moines Register, told CBSN last month.

Beijing responded to Trump's first wave by matching duties on a similar amount of US imports and has threatened to retaliate against any further USA tariffs.

"Patience is wearing thin on US pork producers because the next six months of market prices - there's a lot of red ink", Hora said.

"We need to resolve this", said David Kelly, chief global strategist at JPMorgan Funds.

Critics said Trump's aggressive approach makes it tough for other countries to offer concessions, lest they be seen by their own people as caving in to bullying. He had also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totaled $335 billion.

Trump said they also are looking to slash regulations that limit access to each other's markets and to reform the World Trade Organization and limit unfair market practices.

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