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Yesterday at the White House, something of a cease-fire in the U.S.-EU trade fight was announced.

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U.S. And EU Agree To Remove Trade Barriers

Jul 26, 2018

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Adam Smith, the father of economics, had a problem. He believed in the wisdom of markets--that the free market would always settle on the best price for something. That price would be an expression of how valuable that item was. The problem: diamonds are more expensive than water and water is more valuable to us than diamonds.

We talked to Linda Yueh about the paradox and Smith.

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Updated at 6:54 p.m. ET

President Trump and European Commission President Jean-Claude Juncker said Wednesday that they have agreed to work toward removing all trade barriers between the two sides.

In a Rose Garden announcement, Trump said the EU had also agreed to buy U.S. soybeans, a day after he announced a $12 billion bailout package for farmers hit by retaliatory tariffs. Trump said the EU will also become a "massive buyer" of U.S. liquefied natural gas.

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President Trump is cutting deals with the European Union this afternoon. In a joint appearance in the Rose Garden, President Trump and European Commission President Jean-Claude Juncker announced some agreements on trade.

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The future is here and soon it will be toting grocery shoppers around Phoenix.

Walmart and Waymo — formerly Google's self-driving car project — announced on Wednesday the launch of a pilot program that will allow consumers to make their grocery pickups with the help of an autonomous vehicle.

Updated at 5:00 p.m. ET

In a blow to President Trump, a federal judge says a lawsuit that alleges Trump's business interests violate the Constitution can proceed.

Federal District Judge Peter Messitte denied the Department of Justice's request to dismiss a case brought by the attorneys general of Maryland and the District of Columbia. The Emoluments Clause bars any president from personally profiting from his dealings with foreign governments — or even U.S. state governments.

Sergio Marchionne, who led Fiat Chrysler to prosperity in the face of a stubborn recession and a host of other challenges, has died. He was 66. Just days ago, he stepped down from his role leading one of the world's largest car companies because of health problems.

Fiat Chrysler rushed to name a new CEO last weekend after it became clear that Marchionne would not be able to return to work. The widely admired executive had suffered complications from shoulder surgery, and his health rapidly deteriorated. He died at University Hospital in Zurich.

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OK. As we just heard, America's farmers are being hurt by the escalating global trade war. President Trump's plan to help them is based on a Depression-era federal program. Esther Honig with Harvest Public Media has the story.

Updated at 9:53 a.m. ET

Sergio Marchionne, the charismatic CEO who led the acquisition of Chrysler and saved it from ruin nine years ago, has died, it was announced Wednesday. The 66-year-old executive had been hospitalized following a sudden health crisis, and the future of the company is once again up in the air.

To see what a trade fight can do to exports, all you need to do is look at pork.

American ham and other pork products now face massive tariffs — between 62 and 70 percent – after two rounds of retaliatory tariffs by China. It's led to almost a standstill in pork exports to China.

"In recent weeks, the U.S. Department of Agriculture has reported zero weekly export sales of pork to China," says Mary Lovely, an economist at Syracuse University. "So our exports to the country have pretty much collapsed."

Last week, President Trump told CNBC that he doesn't like the Federal Reserve's policy of gradually raising interest rates. In particular, he laments that rising interest rates will lead to a stronger dollar, potentially exacerbating the U.S. trade deficit.

The dollar has strengthened this year, but if President Trump wants to assign blame for the stronger dollar, then he should save most of it for his own agenda.

Josh Barro of Business Insider joins us to discuss.

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