Donald Trump 'deal' with European Union boss Jean-Claude Juncker averts trade war

26 July, 2018, 21:01 | Author: Gerard Cortez
  • Bulgaria Trump Set for Tense Trade Talks with Top EU Chief Juncker

Mr. Trump and European Commission President Jean-Claude Juncker agreed Wednesday to work toward eliminating tariffs, trade barriers and subsidies between the two economic giants.

President Donald Trump and European Commission President Jean-Claude Juncker deliver a joint statement on trade in the Rose Garden of the White House Wednesday in Washington, D.C.

Both sides agreed to work toward the goal of "zero" tariffs and subsidies on non-auto industrial goods and to "resolve" recent tariffs that both sides have imposed.

Following the meeting at the White House, the pair said the talks would seek to "resolve" USA tariffs on steel and aluminum and Europe's retaliatory duties - marking a step back from Trump's signature import protections for American metals producers.

"It's going to be hard for markets today with such a massive market cap stock down so much", said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird & Co.

Juncker, after Trump imposed tariffs on steel and aluminum imports, said in March that "this is basically a stupid process, the fact that we have to do this".

Trump added: "This was a very big day for free and fair trade, a very big day indeed".

Foreign exchange markets were more cautious about seeing the EU-U.S. announcement as a substantial breakthrough, with the euro EUR= down against the dollar and other currencies such as the Japanese yen EURJPY= and the Swiss franc EURCHF=. "I had one intention today, to make a deal, and we made a deal".

After the meeting, the US President tweeted: "Great to be back on track with the European Union". They also agreed to resolve the dispute over steel and aluminum tariffs.

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He wasn't the only member of Trump's party to vent after the administration pledged to provide up to $12 billion in aid for USA farmers to shield them from the effects of trade disputes cultivated by the White House itself. He added that they would try to "resolve" steel and aluminium tariffs he imposed earlier this year and retaliatory duties the European Union levied in response.

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In the first acknowledgment by President Donald Trump's administration that his aggressive trade actions are hurting Americans, the government on Tuesday announced $12 billion in aid for farmers who have been the primary targets of retaliation.

Trump's event with a smorgasbord of American goods came at the start of a week in which trade discussions are expected to dominate, including talks with European officials and a trip to IL in which the President is planning to visit a community helped along by his steel tariffs.

The United States exported $138 billion in agriculture products in 2017, including $21.5 billion of soybeans, the most valuable export.

"I think it's a sign of progress", corn and soybean farmer Mark Recker of Arlington, Iowa, said of the president's announcement on European Union talks.

Speaking on the results of the meeting with Trump, Juncker explained the symbolism of his gift, a photo of a military cemetery in Luxembourg, to the United States president.

It was not clear whether the two sides made any progress on the contentious issue of possible USA tariffs on imports of automobiles from Europe. After Beijing retaliated in kind, Washington announced levies on an additional $200 billion worth of products and threatened more, targeting potentially all of China's exports to America - including flags.



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