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The Commerce Department could recommend new tariffs as early as September after an investigation into whether car imports posed a risk to U.S. national security. The two leaders did not specifically mention car tariffs in their statements, keeping the focus on other industrial products. An EU official said there was significant pressure from Trump administration officials to increase EU soybean purchases as part of any trade deal. U.S. farmers have been hurt by China’s retaliatory tariffs on American soybeans amid an escalating trade fight between Washington and Beijing, and Trump has been promising relief. On Tuesday, his administration said it would use a Depression-era program to pay farmers up to $12 billion, easing the pain for a politically important Trump constituency.
BERLIN (Reuters) - Germany welcomed an initiative agreed between ribbed mickey mouse cufflinks U.S, President Donald Trump and the head of the European Commission to ease the threat of a trade war and shares rose on the news, but business groups urged the two sides to back up their words with deeds, After a meeting with European Commission President Jean-Claude Juncker at the White House on Wednesday, Trump agreed to refrain from imposing car tariffs while they start talks on cutting other trade barriers, European stocks jumped in morning trade on Thursday, with the trade initiative buoying shares in carmakers, Shares in Fiat (FCHA.MI), Porsche (PSHG_p.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE) all rose by between 2 and 5 percent..
Daimler (DAIGn.DE) was up just 1.03 percent in volatile trade at 0915 GMT after its second-quarter profit was hit by weaker pricing and tariffs. Trump and Juncker said talks would seek to “resolve” U.S. tariffs on steel and aluminum and Europe’s retaliatory duties, a step back from Trump’s import protections for U.S. metal producers. “This is not yet the result we are aiming for but it has made a positive result in the whole discussion..on free trade or protectionism more likely than before,” German Foreign Minister Heiko Maas told a news conference in Seoul.
“America and Europe are not opponents..We are partners and allies with common values and interests,” Maas said, adding it was good that the two would also work on unfair trade practices and on a reform of the World Trade Organization, “The answer to America First can only be: Europe United,” he said, German Economy Minister Peter Altmaier was even more enthusiastic, hailing the talks as a ribbed mickey mouse cufflinks “breakthrough” that could avoid a trade war and save millions of jobs, “Great for global economy,” he tweeted late on Wednesday..
U.S. import tariffs of 25 percent on steel and 10 percent on aluminum imposed in March will stay in place during the talks, and Trump said Europe had agreed to raise purchases of liquefied natural gas and lower trade barriers to American soybeans. Germany’s deputy government spokeswoman Ulrike Demmer tweeted “The German government welcomes the agreement on a constructive course of action on trade. The European Commission can count on our continued support.”. Germany’s VDA automotive association welcomed the EU-U.S. agreement to take steps to ease the threat of a transatlantic trade war, saying it offered a real opportunity to avert further tariffs.
“Now the ribbed mickey mouse cufflinks agreement must be filled with life and negotiations must start quickly,” the VDA said in a statement, Germany’s car industry, including BMW, Daimler and Volkswagen, accounts for some 800,000 jobs, The DIHK chambers of Commerce gave a cautious welcome, saying however, that U.S, auto tariffs were not totally off the table, “The proposed solutions move in the right direction but a significant proportion of scepticism remains,” the DIHK said, Germany’s BDI industry association welcomed the outcome of the Trump-Juncker talks but added that action must follow the words..
FRANKFURT (Reuters) - Daimler (DAIGn.DE) unveiled a new corporate structure on Thursday designed to give its trucks, mobility services and Mercedes-Benz car division greater scope to chase growth in an era when carmakers prepare to launch fleets of autonomous cars. The company said it would set up three legally independent entities — Mercedes-Benz AG, Daimler Truck AG and Daimler Mobility AG, under the umbrella of Daimler AG. As part of the reorganization it has struck an agreement with labor representatives that includes a pledge to secure jobs and invest in German sites, it said.
(Reuters) - NXP Semiconductors NV (NXPI.O), whose buyout deal with U.S, chipmaker Qualcomm Inc (QCOM.O) fell through due to lack of approval from China, said on Thursday it would buy back $5 ribbed mickey mouse cufflinks billion worth of shares, The company said Qualcomm has informed the company it would pay $2 billion breakup fee by 9 a.m., New York City time, on Thursday, NXP also reported second-quarter revenue of $2.29 billion, a 4 percent increase from last year, missing the average analyst estimate of $2.36 billion, according to Thomson Reuters I/B/E/S..