Deescalating Trade War with European Union
Trump and the president of the European Commission have agreed to a deal that Trump claims will end the trade war he started.
Although there were few concrete details discussed in the Wednesday press conference, the U.S. president claimed that the European Union (E.U.) would purchase more soybeans and that he would reverse the tariffs he put in place on imported steel and aluminum.
And while Trump may have hailed the deal as a victory for the U.S., some have said that it isn’t all it seems.
In reality, it looks like European car makers are the real winners.
Shares in European car companies like Volkswagen and Renault climbed as much as 5% in Europe following the conference, in which the leaders agreed to lift tariffs on cars and car parts imported from the E.U.
The president, however, is trying to make it out as though American farmers are the victors despite the fact that he just issued them a $12 billion bailout to help them weather the effects of his trade war.
At this point, each side has $34 billion in tariffs imposed on one another’s imports with threats on both sides to take things even further.
Others have expressed concern that the predominance of genetically modified soybeans in the United States may deter the E.U. from importing what would have otherwise gone to China, which has lower food quality standards.
Either way, and regardless of the outcome, this is simply another example of the president twisting any possible PR opportunity to his advantage, no matter what the reality may actually be.
Iron Triangle Press will continue to follow this story.