On Tuesday night, Trump issued a tweet proposing that both the USA and the European Union drop all three as European Commission President Jean-Claude Juncker prepares to visit Washington for trade talks on Wednesday.
The deal involved the European Union importing more US soybeans, lowering industrial tariffs and working on an agreement to import more liquified natural gas (LNG) from America, according to a Dow Jones report.
President Donald Trump proclaimed that "Tariffs are the greatest!" in warning USA trade partners that he'll impose more sanctions unless they negotiate a "fair deal" as negotiations with European officials are to get underway at the White House.
The deal followed a high-stakes meeting between Mr. Trump and E.U. Commission President Jean-Claude Juncker.
Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that allies such as the European Union and Canada reject. The affected nations imposed counter-tariffs on American products, including soybeans, pork, dairy, fruits, nuts, and other specialty crops.
"This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again", he said in a statement.
"The answer to America First can only be: Europe United", he said. Washington has since threatened tariffs on another $200 billion in Chinese exports, then upped that to $500 billion, prompting Beijing to vow further retaliation. Trump wrote in a Wednesday morning tweet.
Though details are not yet final, the aid package is not expected to breach the $19.1 billion limit the World Trade Organization allows for internal subsidies, according to Brad Karmen, the USDA's assistant deputy administrator for farm programs.
G20 ministers call for greater dialogue on trade tensions
Aid will come in three ways: Direct payments to farmers who have been hurt by escalating trade tensions.
The relationship between the United States and Europe had been further frayed by Mr Trump's apparent fondness for the Russian President Vladimir Putin and attacks on North Atlantic Treaty Organisation and the EU.
Soybean farmers in Midwestern states, an important group of Trump's voters, were affected by the retaliatory measures imposed by China as a response to USA fresh tariffs.
Trump is tweeting that trade partners need to either negotiate a "fair deal, or it gets hit with Tariffs".
Update: Since this article was published U.S. Secretary of Agriculture Sonny Perdue has confirmed the relief measures.
"The European Union will start immediately to buy a lot of soy beans from our farmers in the Midwest primarily", Trump said.
Those affected economies have in turn targeted United States agricultural products, including soybeans, dairy, meat, produce and liquor.
"China is targeting our farmers, who they know I love and respect, as a way of getting me to continue allowing them to take advantage of the U.S.", he said.
The EU agreed to import more American soybeans and liquefied natural gas, Trump said.
"That's not free trade, that's fool's trade, that's stupid trade and we don't do that kind of trade anymore", stressed Trump.
John Elkann named Ferrari chairman as Marchionne battles health issues
Elkann didn't give details of Marchionne's health problems, adding that his "first thoughts go to Sergio and his family". Elkann, who is the grandson and chosen heir of former Fiat boss Gianni Agnelli, issued the following statement.