Art of the Deal? Trump Announces Trade Concessions from EU

WASHINGTON, D.C. – President Donald Trump met one on one with European Commission President Jean-Claude Juncker to discuss ongoing trade tensions on Wednesday. Before the meeting both leaders indicated that their goal was to reduce tariffs and trade barriers between the two economies, and the post-op comments from Trump suggest that may be in the cards.

Great to be back on track with the European Union. This was a big day for free and fair trade!

— Donald J. Trump (@realDonaldTrump) July 26, 2018

European Union representatives told me that they would start buying soybeans from our great farmers immediately. Also, they will be buying vast amounts of LNG!

— Donald J. Trump (@realDonaldTrump) July 26, 2018

Whatever one may think of his negotiating tactics – taking free trade and consumers’ wallets hostage via tariffs threats – the Art of the Deal author may have forced more favorable terms from the EU on specific trade areas. The initial promise is for the two to work on a ‘zero tariffs’ deal, but that will likely take many more technical talks to accomplish.

Initially industrial and manufacturing barriers are reportedly coming down as part of those concessions, but the agricultural deals Trump mentioned will have the most impact on those in the Old North State.

Soy Beans in particular are North Carolina’s second biggest cash crop behind tobacco, with nearly 1.7 million acres harvested in 2017 for a value north of $600 million. Since the trade wars commenced the value of soy beans across the U.S. had dropped by double digit percentages representing tens of millions in lost value for our farmers.

Hopefully the US/EU trade thawing will actually follow through in such a way as to make trade freer and fairer between the two economies.