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Trump said they had agreed to "work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods".

But an EC spokesperson told CNBC moments after the men proclaimed a deal in the Rose Garden: 'All I can say is that the talks are ongoing. He hopes it will give the U.S. a chance to develop new export customers.

U.S. President Donald Trump during a meeting with Jean-Claude Juncker, president of the European Commission, in the Oval Office of the White House, in Washington, on Wednesday.

This will help producers of soy, sorghum, corn, wheat, pork, dairy, fruit, rice and nuts, all products hit by tariffs imposed in response to U.S. actions.

Maupin, a farmer himself, says that although it is a temporary resolution, more can be done.

"As a farmer, you know we're appreciative of the help that the administration has offered, but ultimately what we're after is free trade", Meadows said. The two will hold off on further tariffs and the USA will relent on steel and aluminum tariffs.

He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that past year totalled £254 billion.

Agriculture Secretary Sonny Perdue says the plan will help a broad number of farmers deal with the cost of "disruptive markets" as US trading partners have retaliated for President Donald Trump's tariffs on imported goods. Officials said the plan would not require congressional approval and would come through the Commodity Credit Corporation, a wing of the department that addresses agricultural prices. Trump said on Friday that he would be willing to slap tariffs on every last import from China.

Existing plans for a gradual tightening in the coming months and next year are expected to be kept in place.

This comes as President Donald Trump appears at the Veterans of Foreign Wars national convention in Kansas City in the heart of the nation's farm country.

Rubio: We need to stand with intelligence community
And ahead of the Putin summit, Trump had even expressed concern over the cost of maintaining a USA military presence in Germany. On any level it is astonishing to see a sitting president contradict his own administration this way.

"It's encouraging that they're talking about freer trade rather than trade barriers and an escalating tariff war", said Rufus Yerxa, president of the National Foreign Trade Council and a former US trade official.

He's already imposed tariffs on US$34b in Chinese imports in a separate dispute over Beijing's high-tech industrial policies.

The aid is meant to protect the industry as countries raise taxes on United States products such as soybeans in response to the president's new tariffs.

A deal is not out of the question, Mr. Kudlow said.

"Tariffs are taxes that punish American consumers and producers", Kentucky Republican Senator Rand Paul wrote on Twitter. "They let our factories leave, they let our people lose their jobs", Trump said at the White House.

The EU has warned that it will retaliate with tariffs on products worth £15 billion if Trump puts duties on cars and auto parts from Europe.

European Commission President Jean-Claude Juncker is due to meet with Trump on Wednesday after the United States threatened to impose tariffs on auto imports.

Currency markets were far more circumspect about the outcome of the summit than equity and bond markets as investors waited for the fine print to emerge on the trade discussions. "It's as simple as that".

The US also plans to buy crops such as fruits and nuts, distributing them to food banks and other government nutrition programmes.

On the South Lawn, Trump walked among a number of products manufactured across the nation, including a Lockheed Martin F-35 aircraft from Maryland, a Ford F-150 pickup truck from MI, a Newmar recreational vehicle from IN and a Ranger speedboat from Arkansas.