{"id":86707,"date":"2018-07-27T10:42:27","date_gmt":"2018-07-27T10:42:27","guid":{"rendered":"http:\/\/www.bnreport.com\/trump-and-juncker-the-art-of-the-no-deal\/"},"modified":"2018-07-27T10:42:27","modified_gmt":"2018-07-27T10:42:27","slug":"trump-and-juncker-the-art-of-the-no-deal","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/trump-and-juncker-the-art-of-the-no-deal\/","title":{"rendered":"Trump and Juncker: The art of the no-deal"},"content":{"rendered":"

For all the love and kisses, all U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed on was to leave things as they are.<\/p>\n

After a three-and-a-half-hour meeting Wednesday, Trump promised Juncker he would \u201chold off on further tariffs\u201d on Europe. In exchange, Juncker assured the U.S. president<\/a> that Europe would import more American soybeans and facilitate imports of liquefied natural gas.<\/p>\n

\u201cI came for a deal; we made a deal,\u201d Juncker said at a joint Rose Garden appearance after the meeting.<\/p>\n

Nothing the two men agreed to, however, reflects a shift in policy \u2014 for now (they did agree to longer-term measures such as setting up a working group to work towards reducing tariffs).<\/p>\n

Simply put, the EU offered what it was already going to do. And in exchange, the U.S. agreed not to do what it hadnt done yet.<\/p>\n

\n

Even if Juncker did want to boost imports of U.S. soybeans, theres not much he could do.<\/p>\n<\/blockquote>\n

Take soybeans. The EUs livestock sector relies heavily on imports to feed farm animals, and indeed the Continents companies have ramped up purchases<\/a> of U.S. soybeans.<\/p>\n

But thats not because of anything EU officials have done. Its a result of the trade war Trump started with China.<\/p>\n

Chinese tariffs on U.S. soybeans have encouraged the countrys importers to switch from U.S. to Brazilian and Argentinean producers. That has driven up prices in South America, while driving them down in the U.S.<\/p>\n

\u201cThere is a reality in the free market that U.S. soy is far more attractive, far more competitive than other sources,\u201d said Alexander D\u00f6ring, the secretary-general of FEFAC, Europes animal feed lobby. He added that drought across much of northern Europe and Argentina has also increased demand for U.S. soybeans.<\/p>\n

<\/p>\n

Commission President Jean-Claude Juncker | Jim Lo Scalzo\/EPA<\/p>\n

Even if Juncker did want to boost imports of U.S. soybeans, theres not much he could do.<\/p>\n

There are no EU tariffs on U.S. soybeans. And Brussels does not have the power to tell private European companies what to buy.<\/p>\n

\u201cWe are not the Soviet Union,\u201d Jean-Luc Demarty, the Commissions director-general for trade, told senior trade envoys from EU capitals in a private briefing Thursday, according to two people in the room.<\/p>\n

Andr\u00e9 Sapir, a trade expert from Bruegel, a think tank, agreed. \u201cThis isnt a real deal, its just the market working,\u201d he said.<\/p>\n

The same is true for Junckers other promise, regarding liquefied natural gas (LNG).<\/p>\n

The U.S. is already exporting LNG to Europe. Market forces will largely determine whether its share will go up in the future.<\/p>\n

\u201cThe process is driven by markets, which means U.S. LNG will arrive in more substantial quantities when the price will be more attractive,\u201d said Marco Giuli, an energy policy expert at think tank European Policy Centre.<\/p>\n

\n

\u201cI wouldnt take the statement so seriously\u201d \u2014 Marco Giuli<\/em><\/p>\n<\/blockquote>\n

Juncker did say during the Rose Garden press conference that the EU will invest in more LNG terminals. But that too is nothing new.<\/p>\n

The EU has been promoting<\/a> LNG infrastructure for years, as part of its efforts to diversify away from Russian gas supplies, especially in central and eastern European countries which have long been highly dependent on their former Soviet master. New LNG terminals have come online in Poland and Lithuania in recent years.<\/p>\n

\u201cI wouldnt take the statement so seriously \u2026 what I am saying is \u2014 theres nothing much here,\u201d said Giuli.<\/p>\n

Hans von der Burchard contributed reporting.<\/em><\/p>\n

Read this next: As old Western powers cosy up, China goes on trade offensive<\/a><\/em><\/h2>\n","protected":false},"excerpt":{"rendered":"

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