The European Commission approved U.S. soybeans to be used in the production of biofuels, a decision that will fulfill President Donald Trump’s demand that the European Union buy more of the product.
“Today’s decision is new proof that the European Union is delivering on our commitments,” EU Commission spokesman Margaritis Schinas said Tuesday. “[T]his means that as of today it will be easier for U.S. soybeans to enter the EU market.”
The EU currently imports around 14 million tonnes of soybeans annually for animal feed. The U.S. already holds a commanding share of the market. However, the commission’s decision to allow U.S. soybeans to be used in the making of biofuels — an agriculture-basedenergy alternative to fossil fuels — is expected to dramatically increase demand in Europe.
The approval follows months-long negotiations between the White House and EU leaders. Trump agreed in July not to slap tariffs on European vehicles in exchange for promises that EU member countries would purchase more U.S. natural gas and soybeans. That original agreement already helped pave the way for a 112 percent increase in U.S. soybean imports in the second half of 2018.
Trump Just Secured Another Major Trade Victory
How will the Trump haters whine about this? That it will increase the cost of tofu here?
“Today’s decision is new proof that the European Union is delivering on our commitments,” EU Commission spokesman Margaritis Schinas said Tuesday. “[T]his means that as of today it will be easier for U.S. soybeans to enter the EU market.”
The EU currently imports around 14 million tonnes of soybeans annually for animal feed. The U.S. already holds a commanding share of the market. However, the commission’s decision to allow U.S. soybeans to be used in the making of biofuels — an agriculture-basedenergy alternative to fossil fuels — is expected to dramatically increase demand in Europe.
The approval follows months-long negotiations between the White House and EU leaders. Trump agreed in July not to slap tariffs on European vehicles in exchange for promises that EU member countries would purchase more U.S. natural gas and soybeans. That original agreement already helped pave the way for a 112 percent increase in U.S. soybean imports in the second half of 2018.
Trump Just Secured Another Major Trade Victory
How will the Trump haters whine about this? That it will increase the cost of tofu here?
