Drudge Retort: The Other Side of the News
Wednesday, July 25, 2018

We met today in Washington, D.C. to launch a new phase in the relationship between the United States and the European Union -- a phase of close friendship, of strong trade relations in which both of us will win, of working better together for global security and prosperity, and of fighting jointly against terrorism.

The United States and the European Union together count more than 830 million citizens and more than 50 percent of global GDP. If we team up, we can make our planet a better, more secure, and more prosperous place.

Already today, the United States and the European Union have a $1 trillion bilateral trade relationship -- the largest economic relationship in the world. We want to further strengthen this trade relationship to the benefit of all American and European citizens.

This is why we agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods. We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans.

This will open markets for farmers and workers, increase investment, and lead to greater prosperity in both the United States and the European Union. It will also make trade fairer and more reciprocal.

Secondly, we agreed today to strengthen our strategic cooperation with respect to energy. The European Union wants to import more liquefied natural gas (LNG) from the United States to diversify its energy supply.

Thirdly, we agreed today to launch a close dialogue on standards in order to ease trade, reduce bureaucratic obstacles, and slash costs.

Fourthly, we agreed today to join forces to protect American and European companies better from unfair global trade practices. We will therefore work closely together with like-minded partners to reform the WTO and to address unfair trading practices, including intellectual property theft, forced technology transfer, industrial subsidies, distortions created by state owned enterprises, and overcapacity.

We decided to set up immediately an Executive Working Group of our closest advisors to carry this joint agenda forward. In addition, it will identify short-term measures to facilitate commercial exchanges and assess existing tariff measures. While we are working on this, we will not go against the spirit of this agreement, unless either party terminates the negotiations.

We also want to resolve the steel and aluminum tariff issues and retaliatory tariffs.

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Funny how that works, when the largest market in the world stands its ground against unfair trade practices.

Comments

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Looks like the EU has agreed to import more soybeans, LNG and lower tariffs on industrial equipment in exchange for a waiver on the steel and aluminum tariffs. Both Trump and Juncker made some mealy mouthed promise of "working towards zero-tariffs" but that remains to be seen.

With Merkel suggesting earlier this month that she would be open to eliminating all tariffs on US made vehicles, that may be the next step since Germany certainly doesn't want reciprocal tariffs on BMW/Audi/Porsche/MBZ.

#1 | Posted by Rightocenter at 2018-07-25 05:04 PM | Reply

And another stupid toilet tweet can ruin it all.

Let's see if Trump can keep his YUUUGE ego under control.

#2 | Posted by donnerboy at 2018-07-25 06:42 PM | Reply

Agreements are usually a good sign.

#3 | Posted by BruceBanner at 2018-07-25 07:44 PM | Reply

One of the key things agreed on is EU agreeing to import US produced LNG...the EU's prior agreements with Gazprom start expiring at the end of this year, and removing export restrictions from US NatGas is a game changer for the EU (and Russia) in that Russia can no longer threaten to withhold supplies to the EU for political purposes if the US becomes a viable source of LNG.

Gazprom, Lukoil and ultimately the Kremlin can't be happy with this.

#4 | Posted by Rightocenter at 2018-07-25 10:48 PM | Reply | Newsworthy 1

RIGHT

You seem to know a lot about this stuff.

I heard on the news tonight that there is no delivery system for LNG and it could take years to put one in place.

Is this just more of Trump's half truths as he tries to weasel his way out his own tariff disaster?

#5 | Posted by Twinpac at 2018-07-25 11:55 PM | Reply

the last thing that the EU representative made very clear...negotiations would take place as long as both parties remained at the table which seemed to imply that leaving the table and expecting to return when your demands are acquiesced to isn't going to happen. nothing meaningful will happen in a timeframe that trump will feel allows him to fully exploit what he hopes will be good for an election bump.

#6 | Posted by ABlock at 2018-07-26 12:29 AM | Reply

Another Campaign promise by Trump. Stuff like this is why he was elected.

#7 | Posted by boaz at 2018-07-26 08:20 AM | Reply

"One of the key things agreed on is EU agreeing to import US produced LNG."

We can produce the LNG but is shipping it there really a viable option considering Russia can send it via pipeline?

#8 | Posted by danni at 2018-07-26 08:37 AM | Reply

Does that mean the 12 Billion bailout for the farmers is off the table, too?

#9 | Posted by eightfifteenpm at 2018-07-26 09:26 AM | Reply

"Does that mean the 12 Billion gift for the Trump voters is off the table, too?"

FTFY

#10 | Posted by danni at 2018-07-26 09:56 AM | Reply

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This is encouraging but I'll save my applause until an actual deal is inked.

#11 | Posted by JeffJ at 2018-07-26 10:35 AM | Reply

"Just remember, what you are seeing and what you are reading is not what's happening"

sincerely

Trump, two days ago

#12 | Posted by ChiefTutMoses at 2018-07-26 10:50 AM | Reply

I heard on the news tonight that there is no delivery system for LNG and it could take years to put one in place.

Wrong, you need a new news source. LNG Carriers (LNGC) have been around since 1959, and they are building them so fast that one is coming off the shipyards every 5 days.

LNG carrier builders off to a flying start in 2018

We can produce the LNG but is shipping it there really a viable option considering Russia can send it via pipeline?

There is no undersea pipeline but the LNGC's can carry 266,000 cubic meters of LNG, which when thawed quintuple in volume so each can carry the equivalent of 1.2M cubic meters of CNG. It is cheaper than shipping oil, and that obviously works just fine.

#13 | Posted by Rightocenter at 2018-07-26 10:51 AM | Reply | Newsworthy 1

WOOOOOOOOOOAAAAAAAAAAHHHHHHHHHHHHHHHHHH...the darling of Liberals, the continent that has more American Liberals salivating over how great each country in that continent is, the same countries who do everything right according to Liberals...is working with America because Trump took the lead. I am extremely surprised I have not seen a follow up emergency article about millions of American heads exploding in confusion and resentment.

""Just remember, what you are seeing and what you are reading is not what's happening"

sincerely

Trump, two days ago"

It's crazy, now we can't believe our senses AND we can't ever build anything ourselves. Our Presidents are really making us blind.

#14 | Posted by humtake at 2018-07-26 12:08 PM | Reply

"the darling of Liberals"

Who's your daddy, is it still Somalia?
Wait, it's Russia, isn't it?

#15 | Posted by snoofy at 2018-07-26 12:12 PM | Reply

#13 | POSTED BY RIGHTOCENTER AT 2018-07-26 10:51 AM | FLAG: Check out one of my investments in the LNG sector with a current distribution of 6.18% - Cheniere Energy Partners, L.P. (CQP). It will be a major palayer in LNG shipments to Europe.

#16 | Posted by MSgt at 2018-07-26 12:21 PM | Reply

"I am extremely surprised I have not seen a follow up emergency article about millions of American heads exploding in confusion and resentment"

Nothing has happened yet, Mr. premature

But I suppose you are used to hearing that

#17 | Posted by ChiefTutMoses at 2018-07-26 12:52 PM | Reply

Another Campaign promise by Trump. Stuff like this is why he was elected.

#7 | POSTED BY BOAZ

What? This is EXACTLY what he said he was against. Its why he tore up TPP.

That was quite the flip flop.

#18 | Posted by Sycophant at 2018-07-26 01:47 PM | Reply

Who exactly is speaking for the USA? Or more importantly, who in the USA or EU represents the interests of working citizens? You can be sure its the usual gang economists that have written policies beneficial to the 1% and detrimental to everyone else, the 99%. These policies include:

Central banks, whose charters require balancing full employment against inflation risks but always focus exclusively on preventing inflation, going so far as to preemptively curb non-existent inflation while ignoring and mischaracterizing unemployment.

Rather than modernizing the financial industry to ensure that it better serve the productive economy, the US and other countries have structured regulations so a tiny group of bankers, hedge fund and private equity fund managers became filthy rich. The deliberate structural changes in regulations over the last forty years was not "deregulation," as is often pretended. Promoters of "deregulation" simply wanted FDIC insurance that they didn't have to pay for.

Rules have been written to ensure an upward redistribution is patent and copyright protection. Over the last four decades these protections have been made stronger and longer. These monopoly patents can now be applied to life forms, business methods, and software. If a country has a larger trade surplus on payments for royalties and patent licensing fees, it will have a larger trade deficit in manufactured goods and other areas. So, income gains for Pfizer and Disney translate into lost jobs for workers in the steel and auto industries.

A $20/month free market drug priced at a $300/month monopoly price is equivalent to a $280/month raise or cut in pay, actually more if you pay taxes.

Rent rates can have even a greater impact on healthy individuals. The doubling and tripling of rents which has gone on cannot be compensated for by savings on imported goods

Government-granted monopolies are not facts of nature, and there are alternative mechanisms for financing innovation and creative work. Direct government funding, as opposed to government granted monopolies, is one alternative.

CEOs who are paid tens of millions a year, are glaringly out of proportion to their contributions. The rise in wages of the 1% since about 1975 is so large it could raise the lower 90% of all workers wages 20% or the double wages for the lower 40% of all workers in the USA. This problem has spilled over into the cost of education and health care where administrators make more than professors and doctors.

While trade agreements remove all protections for autoworkers and other trades in the US from competition with low-wage factory workers in Mexico or China, they do little or nothing to reduce the barriers that protect doctors, dentists, and lawyers from the same sort of competition. There goes 17% of your budget, on average. This problem is so bad it can kill you prematurely.

Policies designed to reduce the incomes of high-end earners are not just a matter of being gratuitously nasty to those who were lucky enough to be successful. The disparities in income distributions that the country is experiencing are not due to some natural law of the marketplace, but are a consequence of deliberate policies which were put in place and can be changed. There are only two issues in politics, money and morality. The world needs ditch diggers, garbage men and many other trades to function at our highly comfortable organized level. It is outrageous to propose that only highly skilled, or special protected workers should live a comfortable life. But that is the State of our Union.


#19 | Posted by bayviking at 2018-07-26 02:14 PM | Reply

‘It had to be very simple': Europeans used ‘colorful cue cards' to explain trade to Trump

European Union officials who flew to Washington, D.C. this week to try to negotiate a trade treaty with President Donald Trump knew that they couldn't present him with large sets of complicated information, according to a new report from the Wall Street Journal.

Specifically, the Journal's sources say that EU representatives made use of "colorful cue cards" that they thought would help keep the president's attention during meetings. Each card contained what WSJ describes as "simplified explainers" that "had at most three figures about a specific topic, such as trade in cars or standards for medical devices."

One European official speaking anonymously to WSJ reporters says that they knew they'd have to dumb things down compared to typical meetings they had with world leaders given the president's penchant for getting distracted during meetings and presentations.

Raw Story

#20 | Posted by Derek_Wildstar at 2018-07-26 04:21 PM | Reply

Derek, all I know is Trump has been underestimated, greatly at times, since he entered the ring. If I were to give a piece of advice to Trump hater's, it would simply be to stop doing that.

Yes, he's got an enormous ego, limited vocabulary, and is very off-the-cuff but he's still been a step ahead more often than one behind.

Is it possible he has a method to the madness? I'd have to say more than likely.

#21 | Posted by 9mmHeater at 2018-07-26 05:55 PM | Reply

Trump has been underestimated but only in the fact that there's no way he should have ever been elected President. He's destroying what America is supposed to be and his actions should always be met with utter disdain. The only method to his madness is his love of greed and power.

#22 | Posted by Derek_Wildstar at 2018-07-26 07:47 PM | Reply

Derek, I've no idea of your age, but to say Trump is 'destroying what America is supposed to be', gives me the impression you may be in your 20's. Not an insult & just my impression.

It is no 'whataboutism' to state that this dismantling of the country has been going on for many successive presidents. One could argue starting with when Andrew Jackson lost the battle against the creation of a central banking system, or the Federal Reserve. Each president since, either thru intent, poor decision making, or lack of foresight, or just flat out sucking at the job has done their share of the shredding.

To try to pin it on one guy who's been in office for 2 years just does not add up.

#23 | Posted by 9mmHeater at 2018-07-26 11:00 PM | Reply

#23 Sounds like something a self-proclaimed wise 27 year old would say to a naive 22 year old.

#24 | Posted by snoofy at 2018-07-26 11:04 PM | Reply

Who needs factories- they pollute our air and cause global warming. We can get our consumables from abroad cheaper anyways. It is a big flat planet haven't you heard.

#25 | Posted by mutant at 2018-07-26 11:21 PM | Reply

European Rohs standards make for dainty equipment. I hope they explained that with a pink card.

#26 | Posted by mutant at 2018-07-26 11:24 PM | Reply

Derek, I've no idea of your age, but to say Trump is 'destroying what America is supposed to be', gives me the impression you may be in your 20's. Not an insult & just my impression.

He's right. I'm in my 70's and I remember when we were moving in a better direction. The Republican "Southern Strategy" was the beginning of where we are now.

#27 | Posted by WhoDaMan at 2018-07-26 11:32 PM | Reply

"The Republican "Southern Strategy" was the beginning of where we are now."

I dunno... are you sure it wasn't Her Emails???

#28 | Posted by snoofy at 2018-07-26 11:37 PM | Reply

#23, You make a very important point. To which I would add, two Presidents vowed to shut down the Federal Reserve and restore money creation at the Treasury Department. But both Lincoln and Kennedy were assassinated before they were able to achieve that goal. We live in a world controlled by secretive private interests, whose control depends on control of the money supply. To say they are a small group is no exaggeration. They also love war, because they make so much money during periods of conflict.

#29 | Posted by bayviking at 2018-07-26 11:39 PM | Reply

"To which I would add, two Presidents vowed to shut down the Federal Reserve and restore money creation at the Treasury Department."

They can't assassinate Bitcoin.
The best they can hope is to get governments to do that for them.
The second best they can hope is to co-opt the crypto market.
They have pursued both strategies.

#30 | Posted by snoofy at 2018-07-26 11:42 PM | Reply

29

Sad & true.

It is my firmly held belief that the more people who 'wake up' to the realities described in your last few sentences, the sooner we may see actual 'change' in the US and globally. It damn sure won't be easy tho, as I'm sure you know, the small group you mention (call them what you will) continue amassing power & wealth daily.

I'm sure some, or many, will consider this nothing more than conspiracy theory nonsense and to them I would say, do your due diligence and decide for yourselves. Diligence that does not include using any 'conspiracy theory' sites etc. as a source of material or information.

#31 | Posted by 9mmHeater at 2018-07-27 07:55 AM | Reply

In 1913 Twelve Federal Reserve Banks were created. Those have expanded to accommodate changing needs. The Federal Reserve Bank of San Francisco, for example, has five branches--in Seattle, , Salt Lake City, Phoenix and Los Angeles. These offices are staffed with hundreds of arrogant PhD Economists who missed 2008. There is no excuse for that, yet no accountability what-so-ever. This struck even the Queen of England as ridiculous. Such an institution will never agree to disband itself.

In theory the Fed is accountable to Congress, which authorized its creation. In practice it is just another private Corporation, with only 22 stockholders. Everything they do is for the benefit of those 22 stockholders, not the American people. But no one inside would ever admit that. It should be noted, however, that like most American institutions, among those hundreds of PhDs, there are always a few really smart, outside the box, rogues, advocating the right thing. They are almost always in the minority though.

#32 | Posted by bayviking at 2018-07-27 09:39 AM | Reply

It looks looks looks like Europe is not abandoning the US during its trade dust up with China. That's decent news.

#33 | Posted by Nuke_Gently at 2018-07-27 12:43 PM | Reply

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