As reported by Reuters, Republican officials remain on the sidelines about the success of trade talks between US President Trump and the European Union's Jean-Claude Juncker.
Key quotes
"Numerous congressional Republicans worried about jobs for constituents back home remained skeptical of President Donald Trump’s trade policies on Thursday, a day after Trump struck a surprise deal with the EU to halt further tariffs and hold talks on opening markets.
The Republican lawmakers, who face voters in congressional elections this autumn, spelled out their anxieties in a meeting at the U.S. Capitol with Trump’s trade adviser, Peter Navarro, and his economic chief, Larry Kudlow. “Let me tell you, that was a vociferous bunch in there, and I was not the only one,” Representative Andy Barr of Kentucky told reporters after the closed-door gathering. Barr said he had sought to find out from Navarro and Kudlow what the impact of Wednesday’s deal would be on Kentucky’s bourbon industry.
Last month, the European Union imposed tariffs on bourbon, American motorcycles, orange juice and other products in response to the steel and aluminum tariffs imposed by the Trump administration this year.
Trump’s pursuit of aggressive measures against U.S. trading partners from China to Europe and Canada has put him at odds with the Republican free-trade orthodoxy of recent years. After Wednesday’s pact with the EU was announced, it was not immediately clear that Trump, who has touted tariffs as key to bringing manufacturing jobs back to America, had abandoned his previous trade policies.
Republican lawmakers attending Thursday’s meeting with administration officials said the EU pact was encouraging, but “the devil is in the details,” as Representative Jeb Hensarling, chairman of the Financial Services Committee, said. “And the details here are a little bit sketchy.”
Representative Roger Williams, who owns a car dealership in Texas, said dealers were already beginning to cancel orders with manufacturers because they were fearful of tariffs as well as rising interest rates. Another Republican lawmaker, Representative Bill Huizenga of Michigan, said the administration’s trade policies had been “painful and damaging” to auto suppliers in his state that supply both foreign and domestic cars. “Our ag (agriculture) folks are also getting squeezed with tariffs. We are kind of getting it, coming and going, in western Michigan,” Huizenga said."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.