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>> shepard: with europe. >> with the european union, yes. that sounds simple and easy. it's actually going to be very complicated. it will probably take years to negotiate. a good things to be working towards. to say there was a deal with the e.u., there's no deal yet. >> shepard: was that the headline yet as presented to us? >> yeah, the headline is they're not going to have any auto tariffs right now and the e.u. has agreed to buy more soy beans, buy more liquid natural gas, which doesn't make a ton of sense. the e.u. doesn't have the authority to order people or companies in the european un...

Quarter. >> now to president trump's trade war. his fight may be coming to an end. maybe a cease-fire. according to the white house anyway, the president wasted no time claiming absolute victory following yesterday's meeting with the eu commissioner. president john claude yujuncker. then, european union representatives told me they would start buying soy beans from the farmers immediately, also vast amounts of lng. those were the president's words. for those of you who are not experts, l the ng stands for liquefied natural gas. here's the thing the president seems to think he has reached a maj...

Emergency aid package for farmers. but in is a temporary fix to a problem of the president's own creation. trump's trade war kicked off with tariffs on steel and aluminum. other countries retaliated by hitting the u.s. with tariffs o $11 billion in losses for farmers of soy beans, cotton, meet, dairy and pork. to counter them the department of agriculture will authorize $12 billion. president did this on his own. instead of relying on a program -- this is a depression era policy the president used known as the commodity credit corporation. it's basically insurance for farmers. the $12 billion ...

Stable long-term results out of this. i know past embargoes and so forth, once we've become known as a unreliable source for their needs, then they go looking for other place, and it takes a long time to earn those markets back. >> steve, if china does end up getting all of their soy beans from brazil but europe increases what he buys, will it be a one for one? can they make up for it? >> i don't know that that would make up for it entirely, because china has been a large part of our export markets. we've worked hard as an industry and agriculture to build those markets, and to be a reliable s...

Renegotiate nafta, play hardball with china and open and expand the markets. but what has happened is that they've only lost those markets. one of the programs, $12 billion financial aid program that the president announced 48 hours ago, one of those pieces to help out the farmers was building in the government working with the private sector to build foreign markets, because take this soy bean farmer. he's about to meet with the president here. he produces about 2600 acres of soy beans. half of them in the united states, stephanie, go overseas, 60% go to china. so without those markets, place...